Morgan Stanley weighs cutting 7% of Asia investment bank jobs-source

  • 📰 Reuters
  • ⏱ Reading Time:
  • 48 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 22%
  • Publisher: 97%

Nigeria News News

Nigeria Nigeria Latest News,Nigeria Nigeria Headlines

Morgan Stanley weighs cutting 7% of Asia investment bank jobs - Bloomberg News

A sign is displayed on the Morgan Stanley building in New York U.S., July 16, 2018. REUTERS/Lucas Jacksonis considering a 7% cut in its Asia-Pacific investment banking workforce, or about 40 jobs, according to a source with direct knowledge of the matter.

The cuts would mainly impact the investment banking and capital markets business in the region, not including Japan.The job cuts are part of a global reduction in light of market conditions and to reduce expenses, the source said. The person declined to be identified because the information was not public.

Morgan Stanley had more than 82,000 employees at the end of March, so cutting 3,000 jobs would represent a reduction in staff of nearly 4%.has slowed down dramatically. Corporate buyout activity plunged to its lowest level in a decade in the first quarter of 2023.involving the region's companies totalled $176 billion in the first quarter of 2023, 34% less than a year earlier and the lowest level since 2013, Refinitiv data shows.

Capital markets activity across the region has also slowed sharply. The outlook for Hong Kong initial public offerings looks weak for the rest of the year, according to advisors.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 2. in NG

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

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

Tech stocks could tumble as earnings recession sets in: Morgan StanleyTech stocks aren't immune to economic pain - and could be the next domino to fall, Morgan Stanley advisor says
Source: BusinessInsider - 🏆 729. / 51 Read more »