Morgan Stanley cutting jobs in biggest business

NEW YORK - Morgan Stanley on Wednesday outlined plans to cut 10 percent of staff in its biggest business, which covers everything from investment banking to stock trading. The nation's No. 2 securities firm, which converted into a bank holding company in September, plans to scale back its most capital-intensive businesses before the end of the year. The layoffs inside the institutional securities group follow a 10 percent cut made earlier this year to the same group.   Morgan Stanley also plans to restructure its money management business by cutting 9 percent of the staff there. It was not immediately clear how many positions will ultimately be eliminated from the company's total ranks of about 44,000.