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Morgan Stanley, HSBC to cut dozens of investment banking jobs in Asia – Business and Finance

Vaseline 2 months ago

HONG KONG: Morgan Stanley and HSBC are cutting dozens of jobs at investment banks in the Asia-Pacific this week, sources with knowledge of the matter said, as weaker deal activity and sluggish markets in China and Hong Kong weigh on their business prospects.

Morgan Stanley will cut at least 50 investment banking jobs in the region starting this week, three sources with knowledge of the matter said, cutting about 13% of the Wall Street Bank’s 400-employee Asian investment banking workforce affected.

Layoffs at HSBC’s investment banking division, which generates most of its revenue and profits in Asia, began on Tuesday and are expected to see the departure of about 30 dealmakers in the region this week, three separate sources said.

All sources asked not to be named because they were not authorized to speak to the media.

Morgan Stanley declined to comment on the job cuts. HSBC did not immediately respond to a Reuters query on Wednesday.

The cuts are among the largest among the two banks’ China-focused investment banking teams and follow similar moves by other banks plagued by a decline in dealmaking activity in China amid a slowing economy.