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Morgan Stanley cuts dozens of investment banking jobs in Asia-Pacific: Report

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HONG KONG: Morgan Stanley is cutting at least 50 investment banking jobs in the Asia-Pacific region due to a deals slump, two Reuters sources with knowledge of the matter said.

The corporate logo of financial firm Morgan Stanley is pictured on the company's world headquarters in New York, on Apr 17, 2017.

The layoffs affect around 13 per cent of the Wall Street bank's Asia investment banking workforce of 400 in the region, according to one of the sources. Bankers based in Hong Kong and mainland China are going to be affected the most, they said. All of the sources declined to be named as they were not authorised to speak to media.Bloomberg reported the job cuts first on Wednesday.

In the Asia-Pacific region, merger and acquisition advisory fees for the bank in the first quarter dropped 41.5 per cent to US$30.4 million, according to data compiled by LSEG. We know it's a hassle to switch browsers but we want your experience with CNA to be fast, secure and the best it can possibly be.

 

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