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Morgan Stanley has planned to cut 1,600 staff, with about half the reductions coming from outside the US.
Chief executive James Gorman warned earlier that the investment banking industry still had "way too much capacity and compensation is way too high".
The cuts will come from Morgan Stanley's investment banking business, with more expensive senior employees among those most at risk, the Telegraph reports.
According to the paper, Gorman's move to cut so early in the year is a sign of the pressure that investment banks remain under more than four years since the financial crisis.
The news of the cuts comes days before the Wall Street investment bank releases its results for the fourth quarter.
Analysts and shareholders will be looking for signs from Morgan Stanley and its major rivals, such as Goldman Sachs and JP Morgan Chase, of how they intend to lift returns this year even as the global economy remains relatively weak, the peper said. (ANI)