Morgan Stanley CEO Ted Pick may be feeling bullish about investment banking revenues globally, but he doesn't seem to feel too positive about Hong Kong and China. Bloomberg is reporting this morning that 50 Morgan Stanley bankers in APAC ex-Japan are losing their jobs and that 80% of them are in China and Hong.
Headhunters say Morgan Stanley isn't alone in trimming Hong Kong and China talent. HSBC is also understood to have made a new swathe of cuts yesterday, including around 15 analysts, associates and vice presidents (VPs). No managing directors appear to have been cut, with the most senior individual to leave a director in equity capital markets.