Morgan Stanley, HSBC to cut dozens of investment banking jobs in Asia Pacific region: sources [Globe and Mail, The (Toronto, Canada)]
Morgan Stanley (MS)
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Source: Globe and Mail, The
week, sources said, as they ramp up cost-cutting, with weaker deal making and sluggish markets in China and Hong Kong weighing on business prospects. Morgan Stanley is cutting at least 50 investment banking jobs in the region starting this week, three sources with knowledge of the matter said, affecting around 13 per cent of the Wall Street bank's Asia investment banking work force of 400. Layoffs at the investment banking unit of HSBC, which makes the bulk of its profits in Asia, started on Tuesday and is expected to see the departure of around 30 dealmakers in the region this week, three separate sources said. All of the sources declined to be named as they were not authorized to speak to the media. Morgan Stanley declined to comment on the job cuts. HSBC did not respond to a Reuters query on Wednesday. More global investment banks may follow suit in the near future as they come under increased pressure to rein in costs amid rapidly falling income from the capital market a
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