Goldman Sachs to lay off 30% of Asian investment bankers
Updated : 10:58
US investment bank Goldman Sachs is planning to lay off as much as 30% of its dealmakers in Asia amid falling profits in the region.
Around 90 jobs are thought to be facing cuts as Goldman struggles to improve its equity issuance ranking in Asia.
Having introduced large teams of investment bankers to the likes of Hong Kong in the last 15 years, the New York bank has found it increasingly difficult to compete in a Chinese-dominated area.
The news, which was first reported by Reuters, is likely to hurt jobs in Hong Kong, Singapore and China the most.
In July Goldman said that it would be embarking on a cost-cutting programme whose aim was to save $700m per year during the near future.
Other US banks with operations in Asia have also felt the consequences of a declining Asian market. Morgan Stanley has had to deal with the arrival of an activist shareholder in its Asian operations.
European banks are scaling back too. Barclays, Societe Generale, and BNP Paribas have either already performed cutbacks in Asia or are expected to begin in the near future.
Last month Goldman also pledged to get rid of 15 positions in its New York base, to match the decrease in investment banking activity.