Major Investment Banks Slash Jobs in Asia Amid Economic Downturn

HSBC and Morgan Stanley announce significant job cuts in their Asia-Pacific operations, highlighting a challenging economic landscape.

HSBC is set to cut 20 additional investment banking jobs in Asia, bringing the weekly total to about 30.
Morgan Stanley plans to eliminate around 50 investment banking positions in Asia-Pacific, with the majority in Hong Kong and China.
The job cuts by Morgan Stanley represent about 13% of its investment banking workforce in the region.
Economic factors such as a prolonged property crisis and a decline in deal-making activities are driving the layoffs.
These layoffs are part of a broader trend of cost-cutting by global financial firms in response to deteriorating economic conditions.