SYDNEY/HONG KONG: Morgan Stanley plans to slash investment bankers' annual bonuses by as much as 50 per cent in Asia, said two people with direct knowledge of the matter, as the Wall Street firm reins in costs to tackle tough market conditions that have hit its revenue.
While cuts to bankers' 2022 bonuses have been well anticipated, this is the first time the likely extent of the reductions at the U.S. bank are being detailed. Many banks globally are pausing dealmaking activities due to higher interest rates and weak economic prospects, with the U.S. economy heading into a short and shallow recession over the coming year.
Goldman Sachs Group's bonus pool for senior employees is expected to shrink by as much as half, news platform Semafor reported on Thursday, citing people familiar with the matter. In Asia, the biggest declines in Morgan Stanley's bonuses will be felt in areas including the capital markets businesses which are more exposed to global financial market volatility.
In Asia about 50 investment banking jobs have been axed this year, said the first two sources. Over 90 per cent of those cuts were made in Morgan Stanley's China teams based both onshore and offshore, one of them added.
Source: News Formal (newsformal.com)
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