New Delhi, May 8: Layoffs hits the Asian investment banking divisions of JPMorgan, Morgan Stanley and HSBC in 2024. These banking giants are facing a wave of layoffs in their Asian branches. The layoffs have affected employees across various levels within the investment banking divisions of these banking institutions.

As per a report of CNBC TV18, the layoff wave hits the Asian investment banking divisions of JPMorgan, Morgan Stanley and HSBC. During difficult economic pressures in the region, these banks have decided to lay off their employees. In order to cope with changing market conditions, these banking institutions are also streamlining their operations. It is believed that this is a strategic move aimed at ensuring profitability while operating under challenging times. Elon Musk-Run Tesla Revokes Indian Student’s Summer Internship Amid Ongoing Layoffs, Says Report.

JPMorgan, one of the world's largest investment banks, has initiated a new round of layoffs in its Asian investment banking divisions. According to reports, the bank has laid off around seven positions, mostly impacting its employees from different levels in sectors like healthcare, consumer and energy. HSBC Holdings Plc has laid off around twelve employees in its Asian investment banking sector. This decision of layoffs comes as a reaction to the decrease in deal-making engagements throughout the region, which is noticeable in the markets of Hong Kong and China.

Morgan Stanley is also planning its round of job cuts in the Asia-Pacific area in a long time. Morgan Stanley is facing a challenging situation in its China operations. Despite efforts to delay layoffs and encourage voluntary exits, the company finds itself compelled to implement workforce reductions as revenue from China continues to decline. Tesla Layoffs: Elon Musk-Run Automaker Announces Fresh Job Cuts in Engineering, Software and Services Departments.

The financial giant is looking to cut around 50 positions, with approximately 80 percent of these layoffs happening in Hong Kong and China. This move, which was made public in the middle of April, highlights the tough economic challenges facing China, which have been made worse by a persistent crisis in the real estate market.

(The above story first appeared on LatestLY on May 08, 2024 11:49 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).