About 15% of employees working for Morgan Stanley in Asia may lose their jobs in a recent downsizing move expected to improve the company's performance. Equity underwriting in Asia (ex-Japan) has dropped to a four-year low, and Morgan Stanley has fallen in market share, becoming the fourth largest underwriter. The layoffs will affect investment bankers and other employees working in country offices, but global capital market offices and mergers and acquisitions are expected to take a hit. According to sources, "The cuts would involve 55 to 60 bankers in Asia-Pacific excluding Japan."