Morgan Stanley (MS) and HSBC (HSBC) are slashing dozens of investment banking positions in the Asia Pacific region this week as part of efforts to lower costs, Reuters’ Selena Li, Julie Zhu, and Kane Wu report, citing sources. The moves come amid weaker dealmaking and slower markets in China and Hong Kong, which are weighing on business prospects, the authors say. Morgan Stanley will eliminate no fewer than 50 investment banking jobs in the region starting this week, while layoffs at HSBC’s investment banking arm began on Tuesday and are anticipated to see the exit of roughly 30 dealmakers, the authors note.

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