Morgan Stanley has let go of employees around the world, including 12 in Australia, to reduce expenses as dealmaking dries up. ausbiz
BloombergThe Australian Financial Review.
It was not immediately clear which departments were hit with lay-offs, but the cuts equate to about 2 per cent of its roughly 600-strong Australian workforce. Morgan Stanley’s Australian business comprises investment banking, capital markets, sales and trading, research and wealth management.The lay-offs in Australia were less than those in the broader region. In investment banking alone, Morgan Stanley is considering terminating more than 40 positions throughout Asia-Pacific, with Hong Kong- and China-based roles to bear the brunt of the cuts, according to media reports this month.
Like most global banks, Morgan Stanley typically conducts a round of job cuts each year. Lay-offs and at Wall Street shops, however, have worsened in 2023 after the pandemic years saw banks maintain staff count to tackle record deal volumes.A and capital markets have slumped as interest rate rises have heightened borrowing costs, while geopolitics and see-sawing sharemarkets have tempered appetite for global MA activity reached approximately $US181 billion at the end of April, a 41 per cent decline compared to the first four months of 2022, Refinitiv data showed.
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