7% Cut In Investment Banking Jobs At Morgan Stanley
Morgan Stanley is on a reduction spree with plans of 7 per cent job cuts within its Asia-Pacific investment banking workforce, with China expected to bear the brunt of the cuts.
Bloomberg's report revealed that Morgan Stanley plans to initiate communication with affected bankers, potentially starting this week. More than 40 positions, including those within the capital markets unit, are at risk. Additionally, other divisions within the bank may experience some level of impact.
These jobs cuts at Morgan Stanley are a part of the 5 per cent job cuts worldwide to be affected by this year end.
As the relationship between the United States and China gradually deteriorates, Morgan Stanley's larger team in China, based in Hong Kong, is experiencing a slowdown in deal activity.
In a bid to expand its operations across the European Union following Brexit, Morgan Stanley intends to add 200 employees in France by 2025, raising the total staff count in the country to 500. The investment bank is slowly becoming a part of the herd like other US firms, including Bank of America, Goldman Sachs, and Citigroup, in bolstering their presence in the EU.
