05:54 AM EST, 03/06/2024 (MT Newswires) -- Morgan Stanley ( MS ) has started layoffs at its asset management business unit in China, impacting about 9% of the unit's workforce, or about 15 employees, Reuters reported Wednesday, citing two unnamed sources familiar with the matter.

The job cuts mark the first time the company has reduced headcount at the China unit since it bought out a local partner's 36% stake in business for approximately $54 million in 2023, according to the report.

Morgan Stanley ( MS ) did not immediately respond to MT Newswires' request for comment.

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