Morgan Stanley (NYSE:MS) is reportedly set to begin a new round of global job cuts in the coming weeks as rising inflation and an economic downturn take their toll on its dealmaking business.
The US investment bank has drawn up a list of Asia Pacific staff members considered redundant, Reuters reported, citing two sources who declined to be named.
The redundancies will mostly come from teams focused on China-related business, as well as from capital markets teams in Hong Kong and mainland China, the report said.
Global cuts will be made around the same time, it said.
Another source told Reuters that Morgan Stanley (NYSE:MS) has yet to make decisions about the scale or timing of any job cuts, adding that they are not imminent.
Any cuts would represent a low-single-digit percentage of staff globally, this source told the newswire.
Morgan Stanley had 81,567 employees globally at the end of the third quarter.
Major investment banks are looking to cut costs as prospects for financing deals dry up. Goldman Sachs (NYSE:GS) and Deutsche Bank have both announced recent job cuts.