March 28, 2023

South Sudan News Agency

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Index – Economics – Layoffs begin at investment banks

Morgan Stanley is expected to begin layoffs globally in the coming weeks as rising inflation and the economic slowdown continue to cause losses in its contracts department, three people said on condition of anonymity. to Reuters. There have been similar layoffs in the past, but recent news about them doesn’t bode well.

According to unconfirmed reports, the bank has already compiled a list of layoffs in the Asia-Pacific region. According to sources, the cuts mainly affect China-related businesses, but the Hong Kong capital markets group will also be affected. More people will be sent to the Asia-Pacific region than anywhere else in the world, according to three sources – although no final decision has yet been made on the scale of the layoffs.

The worldwide layoffs are expected to take place simultaneously.

At the same time, a fourth source said the bank has not yet taken a final decision on the amount and timing of the cuts. He could not confirm whether layoffs would take place.

This informant stated: “If there is any reduction, it will affect only a minimal portion of the workforce globally”. The company, which ensures the livelihood of 81,567 people, has so far refused to comment.

Investors’ financial prospects continue to deteriorate, which is why it’s important to pay attention to the fact that some investment banks’ downsizing plans continue to strengthen. Goldman Sachs began cutting at the end of the summer, unprecedented for two years during the pandemic. In October, Deutsche Bank decided to reduce the number of its investment advisers.

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