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Morgan Stanley (NYSE:MS) reportedly plans to initiate workforce reductions in the Asia-Pacific region and intends to cut approximately 50 jobs, primarily in Hong Kong and China.
These reductions represent about 13% of the region’s bankers, excluding Japan.
Over 40 individuals in Hong Kong and mainland China are expected to be affected by the layoffs and the final scale and timing of these cuts may vary, according to a report from Bloomberg.
The report further noted that the decision comes amid declining revenues in Asia, particularly in China, where the economy faces challenges such as a real estate crisis and growth uncertainties.
Despite global results surpassing forecasts, Morgan Stanley witnessed a 12% drop in net revenue from Asia in the first quarter, amounting to $1.74 billion. The company reported earnings of $3.4 billion on $15.1 billion in revenue.
The job cuts align with broader industry trends as financial firms seek to trim expenses amid a deal slowdown.
The move also reflects deteriorating U.S.-China relations and a subdued environment for Chinese firms’ stock sales.
As per the report, other financial institutions like HSBC Holdings Plc (NYSE:HSBC), UBS Group AG (NYSE:UBS), and Bank of America Corp (NYSE:BAC) have also implemented job reductions in Asia earlier this year.
Price Action: MS shares closed higher by 2.47% at $89.14 on Tuesday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo by Sven Piper on Unsplash
