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(CNN) - About 1,600 Morgan Stanley employees may be out of a job soon.

A source close to the bank says it plans to lay people off in the coming weeks.

Right now, Morgan Stanley, employs nearly 5,800 and has been trimming its workforce over the past couple of years.

The source says most of the latest layoffs will be senior employees, but all levels will be hit.

With this round of cuts, Morgan Stanley will have reduced its workforce by 10 percent since September 2011.

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