Morgan Stanley To Lay Off 7% Of Asia Investment Bank Jobs: Report

  • Morgan Stanley MS is considering reducing its Asia-Pacific investment banking personnel by 7%, with China bearing the brunt of the cuts.
  • The bank may reduce over 40 bankers in the region; mainly China focused as deteriorating relations with the U.S. and weaker economic growth curb dealmaking, reported Bloomberg citing people familiar with the matter. 
  • The cuts are part of Morgan Stanley’s plan to reduce about 3,000 jobs globally by the end of this quarter amid rising recessionary pressure.
  • RelatedMorgan Stanley Plans Fresh Round Of Job Cuts: Report
  • Morgan Stanley has a larger China team in Hong Kong than most of its competitors, putting it at risk when dealmaking slows, mentioned the report.
  • According to Bloomberg, the region has contributed about 13% to its MS’s net revenue in the past five years, reaching $6.7 billion at the end of 2022. 
  • Price Action: MS shares are trading lower by 0.18% at $82.80 premarket on Tuesday.
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