Spencer Platt
- Morgan Stanley (NYSE:MS) is reportedly considering trimming its Asia-Pacific investment banking workforce by ~7%, or 40 jobs, part of its plan to reduce staffing globally in response to reduced M&A and capital markets activity.
- The job cuts would primarily affect the investment banking and capital markets business in the Asia-Pacific region, excluding Japan, Reuters reported Tuesday.
- In May, Reuters reported that the Wall Street bank planned on eliminating ~3,000 jobs, or ~4% of its staff, in Q2, its second round of job cuts in six months.
- The value of deals involving Asian companies came to $176B in Q1 2023, down 34% from a year earlier and the lowest level since 2013, according to Refinitiv data. Hong Kong initial public offerings also slowed and looks weak for the rest of the year, Reuters said.
- Morgan Stanley (MS) stock edged down 0.2% in Tuesday premarket trading.
More on Morgan Stanley:
- Morgan Stanley: A Leader in Wealth Management, and a Long-Term Buying Opportunity
- Morgan Stanley: Last of Big Banks to Report, Third of Big Banks in Performance
- Morgan Stanley Q1 earnings reflected strong trading revenue while investment banking activity remained constrained
- Morgan Stanley making modest job cuts globally, CEO says