Morgan Stanley culls investment bankers in Asia

Morgan Stanley has let go of around 50 investment bankers across Asia during the past week, as part of the 1,600 jobs that the bank will be cutting worldwide across its institutional securities group.

Some staff were informed late last week, while others found out on Monday and Tuesday amid widespread gossip, which made the process more painful than necessary.

Sources said that around 40 people affected in Asia, excluding Japan, are from the firm’s investment banking division and about 10 are from the global capital markets unit. They include at least 15 managing directors or executive directors, which has to be one of the most significant...