New York (CNN Business) 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. The layoffs will skew towards technology and operations roles, the source said.

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.

The flurry of pink slips comes as Wall Street firms face pressure to restrain spending to offset a challenging environment of low interest rates, slow economic growth and vanishing volatility in financial markets. And it comes as traditional bank jobs are being disrupted by artificial intelligence and other new technologies.

Morgan Stanley's compensation expenses crept higher during the third quarter even as revenue was sluggish.