Goldman Sachs has laid off at least 25 bankers in Asia according to reports, as volatility in capital markets stifles dealmaking across sectors.
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, Bloomberg News reported.
“Every year globally we conduct a strategic assessment of our resources and calibrate headcount to the current operating environment,” a spokesperson for the bank said. “We continue to remain flexible while executing against our strategic growth priorities.”
Goldman had been aggressively hiring to expand in China after the country fully opened up its securities industry, before lockdowns and geopolitical crises crushed investment banking activity in the mainland.
Reports last week stated that 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. read more
Such job cuts are not uncommon, with Goldman Sachs typically trimming between 1% and 5% of its staff each year.
Goldman’s headcount swelled to 47,000 at the end of June, up 15% from a year earlier. A 1% cut to staffing would imply a reduction of about 500 bankers.