scorecardresearchGoldman Sachs lays off 25 bankers in Asia

Goldman Sachs lays off 25 bankers in Asia

Updated: 20 Sep 2022, 05:01 PM IST
TL;DR.
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.
NEW YORK, NEW YORK - SEPTEMBER 13: The Goldman Sachs logo is seen on at the New York Stock Exchange on September 13, 2022 in New York City. Goldman Sachs announced today a plan to cut several hundred jobs this month, making it the first Wall Street firm to take steps to cut down on expenses amid a drop in volume of deals after pausing layoffs for two years during the coronavirus (COVID-19) pandemic.   Michael M. Santiago/Getty Images/AFP

NEW YORK, NEW YORK - SEPTEMBER 13: The Goldman Sachs logo is seen on at the New York Stock Exchange on September 13, 2022 in New York City. Goldman Sachs announced today a plan to cut several hundred jobs this month, making it the first Wall Street firm to take steps to cut down on expenses amid a drop in volume of deals after pausing layoffs for two years during the coronavirus (COVID-19) pandemic. Michael M. Santiago/Getty Images/AFP

(Reuters) - 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% to 5% 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.

First Published: 20 Sep 2022, 05:01 PM IST