Posted on: Jan 16, 2012
RBS Equities Asia Division is going downhill. To save the company, it is planning to conduct layoffs in Singapore.
Meanwhile, Morgan Stanley chops 10 fixed income jobs in Singapore and Hong Kong.
Job cuts in RBS will also happen in Hong Kong and Japan.
However, RBS may be able to spare further job losses if it can find a buyer. The bank doesn’t want to jeopardise talks with potential acquirers by listing the number of people who could lose their jobs in Asia if there is no sale.
The retrenchments in Morgan Stanley are mostly in sales and trading positions. The U.S. investment bank said in December it will cut 1,600 employees in the first quarter as it trims costs in a difficult period for trading and banking revenue. They said a smaller number of jobs in equities and commodities have also been eliminated in Singapore.
Read more in: