Morgan Stanley will eliminate about 5 percent of its jobs, according to a report.

The Wall Street bank will cut jobs across all its units but exclude its brokers, CNBC reported.

People at the company say CEO John Mack believes the cuts will last through the end of June, and may be the last cuts this year. The company had previously announced a separate 5 percent cut.

Mack's plan is to cut 10 percent of workers this year, but is leaving open options to cut more if the economic environment does not improve those people said, according to CNBC.

Morgan Stanley Investment