MAJOR US investment bank morgan Stanley has laid off nine per cent of its staff at its asset management business unit in China, reports Reuters.
Two people with direct knowledge of the matter noted the country's spiralling stock market dampens prospects for its US$3.8 trillion fund sector.
Morgan Stanley Investment Management China started reducing headcount in December and the move has impacted about 15 employees, the people said on condition of anonymity as they were not authorised to speak to media.
This would be the first time Morgan Stanley has cut staff at the China fund unit since it bought out its local partner's 36 per cent stake in the loss-making business for about $54 million in 2023. It rebranded the unit as a wholly owned subsidiary in June.
The downsizing underscores the challenges that global financial firms, including JPMorgan and BlackRock, face in China as a protracted economic malaise batters markets.
SeaNews Turkey
Two people with direct knowledge of the matter noted the country's spiralling stock market dampens prospects for its US$3.8 trillion fund sector.
Morgan Stanley Investment Management China started reducing headcount in December and the move has impacted about 15 employees, the people said on condition of anonymity as they were not authorised to speak to media.
This would be the first time Morgan Stanley has cut staff at the China fund unit since it bought out its local partner's 36 per cent stake in the loss-making business for about $54 million in 2023. It rebranded the unit as a wholly owned subsidiary in June.
The downsizing underscores the challenges that global financial firms, including JPMorgan and BlackRock, face in China as a protracted economic malaise batters markets.
SeaNews Turkey