Wall Street firms such as Morgan Stanley ($MS@US), Bank of America ($BAC@US), and Citigroup ($C@US) have resorted to job cuts amid the slump in IPOs and mergers this year. Morgan Stanley plans to cut around 3,000 positions by the end of June, affecting banking and trading staff the most. This comes after the bank cut approximately 2% of its workforce in December. The job cuts follow similar moves by major Wall Street firms such as Goldman Sachs, Citigroup, and Bank of America.