187 Morgan Stanley and HSBC are reportedly slashing investment banking positions in the Asia Pacific region this week as part of cost-cutting measures. Weak dealmaking and sluggish markets in China and Hong Kong are cited as factors influencing the decision. Morgan Stanley is cutting at least 50 investment banking jobs in the region, impacting approximately 13% of its Asia investment banking workforce of 400. Layoffs at HSBC’s investment banking unit, which earns the majority of its profits in Asia, began on Tuesday. Approximately 30 dealmakers are expected to depart from the region this week. Sources familiar with the matter requested anonymity as they were not authorized to speak to the media. While Morgan Stanley declined to comment on the job cuts, an HSBC spokesperson stated that the bank remains focused on investing in and growing its business. The job cuts reflect a broader trend in the industry, with global investment banks facing pressure to reduce costs amid declining income from capital markets and M&A advisory businesses. This marks a shift from previous years when Wall Street banks expanded their operations in Asia to capitalize on increased dealmaking activities, particularly in China. You Might Be Interested In Qualcomm’s Potential Acquisition of Intel: Strategic Growth or Costly Gamble? GM and Cadillac Join Formula 1 BioArctic Recognized for Sustainable Innovation in Nasdaq Stockholm’s ESG Responsibility Index Meta Enhances AI Image Generation for Ads Biogen and Ionis Discontinue Development of Investigational Drug for ALS Toyota Recalls 100,000 Trucks and SUVs Over Potential Engine Failure
