Two sources said Goldman Sachs Group (GS.N) is slashing more than 30 Asian banking employees as a tough market environment hurts Wall Street banks’ dealmaking and trading profits.
Sources stated regional job cuts, mostly in global banking & markets, began on Wednesday.
According to two sources, nine Beijing and Hong Kong-based equities capital markets bankers, including a managing director, were laid go.
Goldman Sachs declined to comment.
According to a fifth source, Goldman’s planned global layoffs will slash less than 250 people in the next weeks, including the Asia losses.
As dealmaking slowed last year, Wall Street banks cut staff.
Last month, Reuters reported that Morgan Stanley (MS.N) planned to cut 3,000 jobs in the second quarter, its second round in six months.
Bloomberg reported Thursday that Citigroup had slashed more than 20 Asia jobs, largely junior ones. Citigroup declined to comment.
All sources refused to speak to the media.
