Morgan Stanley is reportedly preparing to cut 1,600 jobs across the company, according to a Bloomberg story on Thursday. But advisors will be spared, a spokeswoman for the global financial services company said.

“There will be some other positions eliminated in wealth management as part of the 1600 total firm wide,” a Morgan Stanley spokeswoman told On Wall Street. But no financial advisors would be affected, she emphasized.

The Bloomberg story said the job cuts will occur in the first three months of 2012 and represents about 2.6% of the 62,648 workers that the firm had at the end of September.

According to the firm’s third-quarter earnings, the global wealth management group had 17,291 global representatives who had average annualized revenue per rep of $747,000 and total client assets of $90 million per rep.

Fran McMorris writes for On Wall Street.

Frances McMorris was named editor-in-chief of ON WALL STREET in February 2008, after serving as executive editor since December 2004. She also created and serves as the host of AdvisorTV, an online video interview show appearing at onwallstreet.com.

From indictments to verdicts and appeals, Ms. McMorris has covered many major, high-profile cases in both federal and state courts as a legal affairs reporter for The Wall Street Journal, The New York Daily News, Newsday and The New York Law Journal. The cases that she has covered include: the seditious conspiracy trial of Sheik Oman Abdel Rahman, the blind Egyptian cleric convicted of being the spiritual mastermind of the 1993 World Trade Center; the constitutional battle over the “Don’t Ask, Don’t Tell” military policy; the Crown Heights riot murder trial; federal racketeering cases against violent gangs; the Long Island pet cemetery trial and several securities fraud and insider trading cases, among others.

The legal issues she has written about are diverse and numerous, ranging from economic espionage to employment discrimination rulings and the first story to report that there is no expectation of privacy for employee emails written in the workplace.

Ms. McMorris is a 1993 graduate of Fordham University School of Law and admitted to the New York and New Jersey bars. She has appeared on the former CNNfn to give expert commentary on trials.

She also served as president of the Newswomen’s Club of New York for three years while working as an assistant managing editor at The Daily Deal in New York.

ON WALL STREET magazine has a circulation of more than 90,000—reaching financial advisors and brokers at the most prestigious brokerage firms who serve high-net-worth and ultra-high-net-worth investors.