Morgan Stanley is reportedly considering a move to trim its Asia-Pacific investment banking workforce.
According to a report by Bloomberg News, the bank is weighing a seven per cent cut – or about 40 jobs – primarily in the investment banking and capital markets business in the region excluding Japan.
The report notes that the cuts would be part of a global reduction at the bank in light of market conditions and in an effort to reduce expenses.
It was previously reported earlier this month that Morgan Stanley was planning to cut around 3,000 jobs globally in the second quarter, representing a second round of job cuts in six months and nearly four per cent of its 82,000 employees.
A global slowdown in dealmaking has impacted most of the major banks, with corporate buyout activity at its lowest level in a decade. Deals involving Asian companies totalled $176 billion in the first quarter of 2023 – the lowest level since 2013.
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