Morgan Stanley slashes Asia-Pacific jobs amid deal slump

Asia-Pacific Job Cuts: Morgan Stanley, the financial giant, is trimming its investment banking workforce in the Asia-Pacific region by at least 50 positions, Reuters reported citing sources. This reduction comes in response to a downturn in deal activity.

The job cuts will impact approximately 13 per cent of Morgan Stanley's investment banking team in Asia, which currently stands at 400 employees. Hong Kong and mainland China-based bankers will bear the brunt of these layoffs, the report added.

When media approached for comment, a spokesperson for Morgan Stanley declined to provide any statements.

In the Asia-Pacific region, Morgan Stanley saw a significant decline in merger and acquisition advisory fees, dropping by 41.5 per cent to $30.4 million in the first quarter, as per data compiled by LSEG.

(With Reuters Inputs)