Morgan Stanley slashing workforce

Morgan Stanley, reeling from bad bets on subprime mortgages, could terminate up to 5 percent of its workers over the next few months. Out of about 47,000 people, it has already cut at least 3,000 jobs since October. Morgan Stanley CEO John Mack said recently that the credit crisis will continue as it spreads to commercial real estate, midsized banks and European subprime mortgages. In total, 100,000 jobs could be lost, according to analysts including Jo Bennett, a partner at executive search firm Battalia Winston International.