Morgan Stanley bank is to cut 1,600 jobs worldwide and UK IT workers could be some of the first in the firing line.
According to a source familiar with the situation, the cuts will affect support staff as well as bankers.
Other reports suggest more than half of the cuts will come from Morgan Stanley's operations outside the US, putting some of the 5,000 employees based in the European headquarters in London at risk.
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The investment bank cut 4,000 jobs in 2012 due to the European economic crisis and the effects of a slow economic recovery in the US. This left the bank with 57,000 workers across the globe.
Other large investment banks have also taken similar measures. Citigroup axed 5,000 IT and operations jobs in moves to cut 11,000 jobs globally in December 2012.
Morgan Stanley declined to comment.