SA: Morgan Stanley, HSBC said to cut Asia investment-banking jobs

SEEKING ALPHA reports:

With business outlooks hindered by a dealmaking drought and sluggish market conditions in China, Morgan Stanley (NYSE:MS) is planning to axe about 50 investment-banking staffers in the Asia-Pacific region, according to a recent media report.

China, the world’s second-biggest economy, is grappling with instability amid a lingering property crisis and ongoing uncertainty surrounding economic growth.

At least 80% of the planned job reductions will be in China and Hong Kong, impacting some 13% of the 400 bankers in the region, excluding Japan, Bloomberg reported… 

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HSBC Holdings (NYSE:HSBC) has already started a fresh round of layoffs of some 12 bankers, Bloomberg reported Tuesday, joining a barrage of financial heavyweights in cutting jobs, including Bank of America (BAC), UBS Group (UBS), Citigroup (C), JPMorgan Chase (JPM) and Goldman Sachs (GS).

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