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Morgan Stanley said to move 75 Shanghai jobs to Hong Kong, India
[HONG KONG] Morgan Stanley will move about 75 jobs from its operations team in Shanghai to India and Hong Kong as it seeks to improve back-office efficiency, a person with knowledge of the matter said.
The New York-based bank plans to shift a third of the affected roles to Hong Kong and the rest to India, the person said, asking not to be identified because the matter isn't public.
The relocation will result in some job losses in China and the bank will hire in India to make up for those, the person said.
Xu Li, a Beijing-based spokeswoman for Morgan Stanley, confirmed the redeployment and declined to comment further.
The operations team provides back-office support to the firm's regional businesses. The US bank is looking to concentrate the team in India, its largest offshore operations hub in Asia, and eliminate the smaller centre in China.
It announced the decision internally in March and plans to complete the redeployment by the end of the year, the person said.
The relocation won't reduce the headcount of the operations team in the region or affect the bank's technology and data-support group based in Shanghai, the person said.