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Morgan Stanley to reduce staff in China, Hong Kong

Morgan Stanley has drafted up a list of staff members considered redundant, who mainly come from teams that focus on China-related business. The bank is expected to start a fresh round of layoffs globally in the coming weeks, which will include teams in Hong Kong and mainland China, as the dealmaking business takes a hit due to rising inflation and an economic downturn. The bank's 30-plus technology investment banking team in Asia Pacific will also be affected by the cuts. Morgan Stanley had 81,567 employees globally. The reduction plans in Asia come as China's strict Covid restrictions are weighing on its economy, which has taken a toll on capital markets and merger and acquisition activity. The M&A transaction values involving China plunged by 35%, year on year, to USD266bn in the first nine months of the year.

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