Morgan Stanley is reportedly planning to cut 3,000 jobs during the second quarter, marking its second round of layoffs in the past six months.

The bank cited slow deal making amid the tough economic environment as the reason for the second round of cuts, Reuters reported, citing a source familiar with the matter. 

Morgan Stanley did not return FOX Business' request for comment at the time of publication.

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Cuts have been accelerating across Wall Street as deal making dries up. 

Morgan Stanley's investment banking revenue in its first quarter dropped 24% from the same period a year ago to $1.25 billion. Investment banking revenue fell 26% at Goldman Sachs and 19% at JPMorgan Chase during the quarter. 

In 2022, investment banking revenue plunged amid a slowdown in mergers and share offerings, marking a stark reversal from a blockbuster 2021 when bankers received big pay bumps. 

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Morgan Stanley CEO James Gorman told investors last month on an earnings call that "given the broader market uncertainty and the inflationary environment, expense management remains a priority." 

The firm announced in December that it was cutting 2% of its staff. That same month, Goldman announced it was planning to slash up to 8% of its workforce after laying off 500 workers in September. 

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Goldman's head of personal finance management, Joe Duran, discussed the layoff of 3,200 employees, telling "Varney & Co." that everything the Wall Street firm does is about what's best for clients and employees.

Bloomberg News was the first to report on the latest job cuts at Morgan Stanley.