Goldman to cut over 30 Jobs in Asia

Goldman Sachs Group is reportedly cutting over 30 banking jobs in Asia due to challenging market conditions that are impacting dealmaking and trading revenues. The reduction in jobs, primarily in the global banking & markets division, began on Wednesday, according to sources familiar with the matter.

The job cuts in Asia are particularly affecting China-focused bankers, with nine equities capital markets bankers in Beijing and Hong Kong being laid off, including a managing director. These actions are part of Goldman’s broader global layoffs, which are expected to result in fewer than 250 job losses in the coming weeks.

Wall Street banks have been downsizing their workforce since late last year as a decline in deal activity has weighed on their revenues. Last month, Morgan Stanley announced plans to eliminate around 3,000 jobs in the second quarter, marking its second round of layoffs in six months. Citigroup is also letting go of 20 to 25 investment bankers in Asia, primarily junior staff based in China and Hong Kong.

While Citigroup has incurred severance costs associated with approximately 1,600 job cuts, it has been hiring several hundred employees in its wealth management division in Singapore and Hong Kong since the beginning of 2022. These hires have offset some of the workforce reduction in other areas of the bank.

The sources requested anonymity as they were not authorised to speak to the media about these developments.

Pan Finance is a print journal and news website providing worldwide intelligence on finance, economics and global commerce. Known for our in-depth analysis and opinion pieces from esteemed academics and celebrated professionals; our readership consists of senior decision makers from across the globe.

Contact us