Morgan Stanley layoffs are back! In the continued round of mass layoffs at Morgan Stanley, the company may now reportedly resort to trimming 7 per cent workforce of its Asia-Pacific investment banking division.
According to a Bloomberg report, this particular round of Morgan Stanley layoffs may witness China taking the biggest hit as worsening “relations with the US and weaker economic growth curb dealmaking.”
The report also adds that official communication on this round of Morgan Stanley layoffs may happen as soon as this week. The global investment bank may reportedly communicate to almost 40 affected bankers in this week itself, especially those in the capital markets unit.
While the Asia-Pacific investment banking unit may be affected in this round of job cuts, it must be noted that every round of Morgan Stanley layoffs are a part of a global workforce reduction. This is primarily due to a global economic downturn and to reduce expenses.
On May 1, Morgan Stanley already announced that it would hand-over pink slips to at least 3,000 workers globally, amounting to almost 4 per cent of its workforce. As per international media reports, at the end of March, Morgan Stanley had more than 82,000 employees.
A Reuters report on Morgan Stanley layoffs also cites Refinitiv data which shows that “in Asia, the value of deals involving the region's companies totalled $176 billion in the first quarter of 2023, 34% less than a year earlier and the lowest level since 2013.”
