Morgan Stanley Plans Job Cuts In Asia-Pacific Region

(RTTNews) - Banking major Morgan Stanley plans to cut about 50 investment banking jobs in the Asia-Pacific region this week, Bloomberg reported citing people familiar with the matter.

About 80 percent of the proposed reductions would be in Hong Kong and mainland China, while bankers in Japan will be excluded.

The planned job cuts would represent about 13 percent of the 400 employees working in the region, excluding Japan.

Morgan Stanley on Tuesday had reported higher profit and revenues in its first quarter, above market view, following which its stock gained 2.5 percent to close at $89.14.