Morgan Stanley lays off 9% of staff at China asset management unit due to stock market decline.

Morgan Stanley has laid off about 9% of its staff at its asset management business unit in China amid the country's deteriorating stock market, impacting approximately 15 employees. This is the first time the firm has reduced staff at the China fund unit since purchasing its local partner's 36% stake in 2023. The downsizing highlights the difficulties faced by global financial firms in China's second-largest economy.