May 29, 2019 / 10:34 AM / 4 months ago

UPDATE 1-Morgan Stanley cuts about half a dozen Asian equities jobs -sources

(Adds industry cuts and details of Morgan Stanley’s business from the fifth paragraph)

By Anshuman Daga and Sumeet Chatterjee

SINGAPORE/HONG KONG, May 29 (Reuters) - Morgan Stanley has cut about half a dozen equity sales, trading and research jobs across Asia as part of a global cost-cutting move, people familiar with the matter told Reuters on Wednesday.

The global job cuts at the U.S. investment bank mainly involve mid-level staff as well as a few senior executives, said one of the people, who declined to be identified due to the sensitivity of the matter.

Morgan Stanley declined comment.

One of the people with direct knowledge of the matter said Morgan Stanley informed the affected staff in Hong Kong, Singapore and other locations about the layoffs last week.

Global investment banks have been trimming equities operations over the past year against a backdrop of difficult market conditions and regulatory change.

Morgan Stanley reported a 9% decline in first-quarter earnings but beat market estimates due in part to slight growth in its wealth management business as well as cost cuts. Its sales and trading business suffered a weak quarter.

Reporting by Anshuman Daga in SINGAPORE and Sumeet Chatterjee in HONG KONG; Additional reporting by Kane Wu and Julie Zhu in HONG KONG; Editing by Christopher Cushing

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