Update: Morgan Stanley Denies Plans for Job Cuts

Updated from 9:11 a.m. ET

As part of a plan to cut $1 billion in costs, Morgan Stanley (MWD Quote) is mulling the possibility of laying off 1,000 brokers, according to a published report Wednesday.

The targeted jobs make up about 7% of the firm's brokerage force. An additional 500 jobs in the support staff, investment banking, trading and research units are also at risk, reports The Wall Street Journal. The total cuts represent about 2.5% of Morgan Stanley's workforce. Morgan Stanley later denied having plans to cut jobs in the division.

Shares of the New York-based securities firm lost $3.35, or 6.8%, to $45.76 in recent Big Board action.