(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 hampers deals in various sectors.
The job cuts, spanning across the bank’s capital markets, healthcare, telecoms, media and technology teams in Asia, mostly affected junior bankers involved in deals in Greater China, a Bloomberg report said.
“Every year globally we strategically assess our resources and calibrate headcount according to the current operating environment,” a Goldman spokesperson said. “We continue to be flexible during implementation against our strategic growth priorities.”
Goldman and its peers are hiring aggressively to expand into China after the country fully opened up its securities industry, before lockdowns and geopolitical crises crushed investment banking activity on the mainland.
Reuters reported last week that the Wall Street giant plans to cut jobs early this month after halting annual practice for two years during the pandemic, according to a source familiar with the plans.
Usually, Goldman Sachs (NYSE:) splits around 1% to 5% of its staff each year, and cuts to 2022 are likely to be at the lower end of that range, the source told Reuters, adding that staffing cuts could start as soon as possible. . this week.