Morgan Stanley has started preparing for global job cuts in the coming years. According to Reuters news agency, ‘Rising inflation and economic slowdown have hit the dealmaking business badly.’ While Stripe Inc., a digital payments giant, is cutting about 14 percent of its workforce. 2 employees working in the company have given information about this.
List prepared by Morgan Stanley
In Asia Pacific, Morgan Stanley has prepared a list of redundant staff, according to sources. However, due to confidentiality of information, these sources refused to name all of them.
The job cuts will come from capital teams in Hong Kong and China, and the rest of the cuts will be mostly from other teams focused on the China business. The layoffs will affect employees from more than 30 different teams across Morgan Stanley in Asia Pacific.
Stripe sent an e-mail to employees
Stripe founders Patrick and John Collison sent an email to employees. According to this, the number of employees in the company will be 7 thousand after reduction of employees. According to a report, through this cut, Stripe wants to reduce the internal valuation by 28 percent. In fact, US technology stocks have fallen sharply this year due to tighter monetary policy by the US Federal Reserve and fears of a recession, fueling fear among investors.