Goldman Sachs has laid off at least 25 bankers in Asia, Bloomberg News reported on Tuesday citing people familiar with the matter, as volatility in capital markets stifles dealmaking across sectors.
Goldman Sachs did not immediately respond to a Reuters request for comment.
The job cuts, which span across the bank’s equity capital markets, health care, and telecommunication, media and technology teams in Asia mostly impacted junior level bankers involved in deals in Greater China, the Bloomberg report said.
Goldman and its peers aggressively hired to expand in China after the company fully opened up its securities industry, before lockdowns and geopolitical crises crushed investment banking activity in the mainland.
Reuters reported last week the Wall Street giant planned to cut jobs as early as this month after pausing the annual practice for two years during the pandemic, according to a source familiar with the plans.
Goldman Sachs typically trims about 1 per cent to 5 per cent of its staff each year, and the 2022 cuts will likely be in the lower end of that range, the source had told Reuters, adding that staff reductions may begin as early as this week.