Morgan Stanley of New York cut four percent, or 1,500 positions, from its securities and investment management businesses, the largest company-wide layoff in its history, according to a company spokesperson.

The cuts were made across all levels but did not affect any of the firm's financial advisors, the spokesperson said.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.