Morgan Stanley to halve bonuses

Morgan Stanley plans to slash investment bankers' annual bonuses by as much as 50 percent in Asia.

The scale of the cuts in Asia could be replicated in Morgan Stanley's US and European operations, and would be in contrast with 2021 when its top bankers earned up to 20 percent more in bonuses globally, said the sources.

While cuts to bankers' 2022 bonuses have been well anticipated, this is the first time the likely extent of the reductions at the US bank are being detailed.

Meanwhile, while Credit Suisse's chief executive of Greater China Carsten Stoehr, is leaving the embattled bank, marking the most senior departure for its China business.

The Swiss lender will see Stoehr step down Thursday and pursue other opportunities, according to the memo sent to regional staff from the bank's Asia Pacific CEO Edwin Low on Monday.

The bank is restructuring globally as it seeks to raise capital from investors following losses from mishaps, promising a business overhaul and the cutting of 9,000 jobs out of 52,000 it had in October.