Morgan Stanley is planning to axe more than 4,000 jobs this year, the investment bank said on Thursday as it reported a dramatic slump in profits. The job cuts, equal to about 7% of the bank's workforce, came as Morgan Stanley reported a 24% decline in second-quarter revenue and profits down to $591m from a year-earlier profit of $1.19bn. The bank is the latest to report a fall in revenues as a global slowdown hits business. The slump is expected to lead to job cuts at other banks. Bank of America, Citigroup, Credit Suisse and Goldman Sachs have all recently announced cost-cutting measures. Last month, ratings agency ... (full story)