Morgan Stanley plans fresh round of layoffs globally in coming weeks

Wall Street major Morgan Stanley is expected to start a fresh round of layoffs globally in the coming weeks, three people with knowledge of the plan said, as dealmaking business takes a hit due to rising inflation and an economic downturn.
 

In Asia Pacific, the bank has drafted up a list of staff members considered redundant, who will mainly come from teams that focus on China-related business, two sources said. All declined to be named as the information is confidential.

Some cuts will come from capital markets teams in Hong Kong and mainland China, and most of the rest are expected to be from other teams focusing on China business, both onshore and offshore, the third source said.

Another sources said the bank’s 30-plus technology investment banking team in Asia Pacific will also be affected by the cuts. The cuts in Asia Pacific will be greater than the bank’s annual staff losses from natural attrition in the region, the three sources said Global cuts will be made around the same time, they added.

A fourth source said the bank has yet to make decisions about the scale or timing of any layoffs, adding that layoffs are not imminent.                                     

Stripe to sack over 1,000 employees

Stripe, one of the world’s most valuable startups, will cut more than 1,000 jobs as it seeks to rein in costs ahead of any economic downturn. 

The payments company will cut its workforce by 14 per cent this week, returning headcount to the almost 7,000 total from February, co-founders Patrick and John Collison said in an email to staff seen by Bloomberg News.