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Morgan Stanley is cutting approximately 1,500 jobs because of concerns about economic uncertainty around the world, a person familiar with the matter told CNN Business.

The job cuts represent more than 2% of the bank’s workforce, which totaled 60,532 at the end of September.

Morgan Stanley plans to take a charge of approximately $150 million to $200 million because of the layoffs, a person familiar with the matter said.

And it comes as traditional bank jobs are being disrupted by artificial intelligence and other new technologies.