Morgan Stanley weighs cutting 7% of Asia investment bank jobs

Morgan Stanley is considering a 7% cut in its Asia-Pacific investment banking workforce, with China taking the biggest hit as deteriorating relations with the US and weaker economic growth curb dealmaking, people familiar with the matter said. The bank is likely to start communicating with affected bankers as soon as this week, with more than 40 jobs at risk, including those with the capital markets unit, one of the people said, asking not to be identified because the matter is private.

A Morgan Stanley spokeswoman in Hong Kong declined to comment. Multiple rounds of job cuts in quick succession are rare in Asia. At Morgan Stanley, the region has been contributing about 13% to its group net revenue in the past five years, reaching $6.7 billion at the end of 2022. Global banks that have long been bullish on the world’s second-largest economy are now trying to scale back, even though they consider the long-term opportunities too big to ignore.

Ireland Ireland Latest News, Ireland Ireland Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Asia stocks steady despite China data miss, helped by weaker dollar outlook - SABC NewsAsia stocks mostly held firm on Tuesday despite weaker-than-expected Chinese economic data, with investors expecting the world’s second-biggest economy to provide policy support.
Source: SABCNews - 🏆 37. / 51 Read more »

Stocks lack direction as US struggles to reach debt dealEuropean stock markets edged higher Tuesday after a mixed showing in Asia, as traders grew increasingly concerned by the lack of a US debt deal necessary to avert a default.
Source: eNCA - 🏆 49. / 51 Read more »