Investing.com– Morgan Stanley (NYSE:) plans to start cutting about 50 investment banking jobs in Asia, excluding Japan, this week, with a bulk of the cuts aimed at Hong Kong and China, Bloomberg reported on Wednesday.
The planned cuts will see more than 40 reductions in Hong Kong and mainland China, the report said, and will affect about 13% of the 400 bankers in the Asia Pacific region excluding Japan.
The planned cuts also mark Morgan Stanley’s second such reduction in China this year, after reports in March said the firm had laid off about 9% of its staff at its asset management business in China.
Morgan Stanley had last year also cut several key banking jobs in China, as an economic and stock market downturn stifled dealmaking activity in the country.
A year-long rout in Chinese stocks, coupled with middling signs of a recovery, have severely dampened prospects for…
