HONG KONG, April 17 (Reuters) – (This April 16 story has been refiled to correct grammar in paragraph 6)
Morgan Stanley and HSBC are cutting dozens of investment banking jobs in the Asia Pacific region this week, sources said, as they ramp up cost-cutting, with weaker dealmaking and sluggish markets in China and Hong Kong weighing on business prospects.
Morgan Stanley (MS.N), opens new tab is cutting at least 50 investment banking jobs in the region starting this week, three sources with knowledge of the matter said, affecting around 13% of the Wall Street bank’s Asia investment banking workforce of 400.
Layoffs at the investment banking unit of HSBC (HSBA.L), opens new tab, which makes the bulk of its profits in Asia, started on Tuesday and are expected to see the departure of around 30 dealmakers in the region this week, three separate sources said.
All of the sources declined to be named as they were not authorised to speak to the media.
Morgan Stanley declined to comment on the job cuts.
An HSBC spokesperson said the bank is continuing to invest in and grow its business, allocating people and resources to immediate opportunities, but declined to comment on the job cuts.
Source: REUTER
