Morgan Stanley, a leading banking institution, is reportedly planning to eliminate nearly 50 investment banking positions in the Asia-Pacific region this week, according to Bloomberg sources. The majority of the anticipated job cuts, accounting for about 80%, are expected to occur in Hong Kong and mainland China, while the Japanese workforce will remain unaffected.
The proposed reductions would equate to nearly 13% of the 400 employees currently stationed in the region, excluding Japan. These cuts follow Morgan Stanley's recent announcement of higher than expected profit and revenues for its first quarter, which led to a 2.5% increase in their stock closing at $89.14.
