Morgan Stanley layoffs 2023: May cut 7% of Asia investment bank jobs

After Bank of America, Goldman Sachs, and Citigroup, investment bank Morgan Stanley is considering a 7% cut in its Asia-Pacific investment banking workforce.

According to a report by Bloomberg, the bank will start communicating with affected bankers as soon as this week. Over 40 jobs are at risk including those with the capital markets unit. Other divisions might also be impacted slightly.

The report further adds that the cuts would mainly impact the investment banking and capital markets business in the region, not including Japan.

Morgan Stanley had more than 82,000 employees at the end of March, so cutting 3,000 jobs would represent a reduction in staff of nearly 4%.

The job cuts follow recent downsizings at other large accounting firms and consultancies.

Tech consultancy Accenture announced in March it was cutting 19,000 jobs, or 2.5 percent of its workforce. KPMG and McKinsey have also announced job cuts recently.