Morgan Stanley cuts dozens of investment banking jobs in Asia-Pacific: Report
HONG KONG: Morgan Stanley is chopping at the least 50 investment banking jobs in the Asia-Pacific put attributable to a deals trek, two Reuters sources with data of the matter acknowledged.
The layoffs have an effect on round 13 per cent of the Wall Avenue financial institution’s Asia investment banking team of 400 in the put, in step with one of many sources.
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Bankers based fully in Hong Kong and mainland China are going to be affected basically the most, they acknowledged. The total sources declined to be named as they weren’t licensed to bid to media.
A Morgan Stanley spokesperson declined to comment.
Bloomberg reported the job cuts first on Wednesday.
In the Asia-Pacific put, merger and acquisition advisory prices for the financial institution in the first quarter dropped 41.5 per cent to US$30.4 million, in step with data compiled by LSEG.
Source: Reuters
