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Morgan Stanley is laying off dozens of bankers in the Asia region.
According to sources on the 17th (local time), Morgan Stanley is laying off at least 50 people in the Asia-Pacific region due to a slump in trading.
This layoff represents about 13% of the 400 Wall Street bank employees working in the Asia investment banking sector.
Sources say that banks headquartered in Hong Kong and mainland China will be the most affected.
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According to LSEG data, bank merger and acquisition advisory fees in the Asia-Pacific region fell by 41.5% in the first quarter to $30.4 million.
A Morgan Stanley spokesperson did not respond to a request for confirmation.
On the other hand, CEO James Gorman has announced plans to step down this year.
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