According to the agency, in the Asia Pacific region, the bank had to compile a list of employees deemed “redundant,” primarily working in teams focused on business related to China. Some of the cuts are expected to affect the capital market teams in Hong Kong and mainland China.
Morgan Stanley’s plans to cut jobs in Asia come when they come Beijing’s strict “no virus spread” policy is putting pressure on the Chinese economy, affecting capital markets and mergers and acquisitions.
Morgan Stanley, based in New York City, employed 81,000 people worldwide at the end of the third quarter. employees.
It’s not the only big bank that has decided to cut costs. Goldman Sachs and Deutsche Bank cut staff last month.
Morgan Stanley last month posted a 30 percent drop in third-quarter earnings. He noted that there are some cost-cutting measures on the radar.
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