SINGAPORE/HONG KONG: Morgan Stanley has cut about half a dozen equity sales, trading and research jobs across Asia as part of a global cost-cutting move, people familiar with the matter told Reuters on Wednesday (May 29).
The global job cuts at the US investment bank mainly involve mid-level staff as well as a few senior executives, said one of the people, who declined to be identified due to the sensitivity of the matter.
Morgan Stanley declined comment.
One of the people with direct knowledge of the matter said Morgan Stanley informed the affected staff in Hong Kong, Singapore and other locations about the layoffs last week.
Global investment banks have been trimming equities operations over the past year against a backdrop of difficult market conditions and regulatory change.
Morgan Stanley reported a nine per cent decline in first-quarter earnings but beat market estimates due in part to slight growth in its wealth management business as well as cost cuts. Its sales and trading business suffered a weak quarter.