162 Morgan Stanley and HSBC are reportedly trimming investment banking positions in the Asia Pacific region this week as part of cost-cutting measures, amid a slowdown in dealmaking and subdued markets in China and Hong Kong. Morgan Stanley is said to be cutting at least 50 investment banking jobs in the region, affecting approximately 13% of its Asia investment banking workforce of 400. Meanwhile, HSBC, which earns a significant portion of its profits in Asia, has initiated layoffs at its investment banking unit, leading to the departure of around 30 dealmakers in the region. Both banks declined to comment on the specifics of the job cuts. The reduction in investment banking roles at Morgan Stanley and HSBC is among the largest for their China-focused teams, reflecting similar actions by other banks grappling with decreased deal activity in China amidst economic deceleration. Hong Kong’s stock exchange has witnessed a decline in initial public offerings (IPOs) in the first quarter, indicating a challenging environment for dealmaking and valuation growth. These developments underscore the challenges faced by investment banks in Asia amid evolving market dynamics and economic conditions. You Might Be Interested In IBM’s $6.4 Billion Acquisition of HashiCorp Marks Strategic Move to Expand Cloud Portfolio Citigroup Under Investigation for Ties to Sanctioned Russian Billionaire GE Aerospace Takes Flight as Independent Public Company Apple Shifts Gears on Buy Now, Pay Later Strategy Elon Musk Proposes Robotaxi Testing in China, State Media Reports SoftBank Hits $7.7B Profit Mark Amid Tech Sector Recovery
