Toshiba to axe 5K in restructuring bid

Morgan Stanley plans biggest round of China job cuts

Toshiba Corporation plans to cut 5,000 jobs in Japan, or roughly a tenth of its domestic headcount, in a bid to cut costs and focus on its infrastructure and digital technology operations, the Nikkei said Wednesday.

The Tokyo-based company, whose operations span from light bulbs to nuclear power plants, plans to slash workers at the parent firm’s noncore teams, the Nikkei said Wednesday. The company is expected to book a one-time loss of roughly ¥100 billion ($650 million), it said.

Toshiba, which was bought out by a consortium led by Japan Industrial Partners last year, has been seeking to turn itself around.

The recently privatised company has struggled for years with management missteps and scandal. It paid the country’s largest penalty ever for falsifying financial statements in 2015, and then had to sell off its crown jewel memory-chip business,

Morgan Stanley plans to start cutting about 50 investment-banking jobs in the Asia-pacific region this week, with at least 80 per cent of the reductions in Hong Kong and China, people familiar with the matter said.

The planned cuts affect about 13 per cent of the 400 bankers in the region, excluding Japan, one of the people said. More than 40 people in Hong Kong and mainland China are expected to lose their jobs in the coming round, the people said.

The final size and timing of the cuts may change, the people said. The job cuts would be the deepest in years for Morgan Stanley in China, its biggest market in the region.

Kioxia Holdings, to pay for losses from an ill-fated expansion in the nuclear business.