Sign up to create alerts for Instruments,
Economic Events and content by followed authors
Free Sign Up Already have an account? Sign In
Quotes
All Instrument Types
- All Instrument Types
- Indices
- Equities
- ETFs
- Funds
- Commodities
- Currencies
- Crypto
- Bonds
- Certificates
Please try another search
💎 Access the Market Tools Trusted by Thousands of Investors Get Started
Morgan Stanley weighs cutting 7% of Asia investment bank jobs-source
Published May 16, 2023 01:43AM ET
Updated May 16, 2023 03:11AM ET
© Reuters. FILE PHOTO: A sign is displayed on the Morgan Stanley building in New York U.S., July 16, 2018. REUTERS/Lucas Jackson
(Reuters) -Morgan Stanley is 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.
A Morgan Stanley (NYSE:MS) spokesperson declined to comment.
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.
News of the job cuts was first reported by Bloomberg News on Tuesday.
The bank was planning to reduce about 3,000 jobs globally in the second quarter, Reuters reported on May 1 in its second round of job cuts in six months.
Slow dealmaking and a tough economic environment prompted the investment bank to look at its staffing, a source said at the time.
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%.
Global dealmaking has slowed down dramatically. Corporate buyout activity plunged to its lowest level in a decade in the first quarter of 2023.
In Asia, the value of deals 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 (IPO) looks weak for the rest of the year, according to advisors.
Related Articles
Add Chart to Comment
Confirm Block
Are you sure you want to block %USER_NAME%?
By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.
%USER_NAME% was successfully added to your Block List
Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.
Report this comment
I feel that this comment is:
Comment flagged
Thank You!
Your report has been sent to our moderators for review
Add a Comment
We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
Enrich the conversation, don’t trash it.
Stay focused and on track. Only post material that’s relevant to the topic being discussed.
Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.