Another major financial institution has announced plans to trim its headcount, as the sector continues to struggle into 2013.
Morgan Stanley will reduce its Asian workforce by 15%, with the first round of cuts to start this week. The redundancies will involve those in the investment division in the APAC region, excluding Japan.
Bloomberg Businessweek reported those likely to be affected are country bankers and staff in the mergers and acquisitions and global capital market units in the region.
A Morgan Stanley spokesperson declined comment, however sources told Bloomberg the bank is expected to inform its Asian employees about 2012’s bonus payments this week.
The company had earlier announced plans to cut 6% of its global workforce, or 1,600 jobs – mostly positions based in the US – from its investments and support divisions.
Banks and financial institutions that have been reducing headcounts over the past few quarters include Citigroup, which announced last month it will be slashing 11,000 jobs and exiting some emerging markets, and UBS AG, which said in October it will be cutting 10,000 jobs.