Goldman Sachs fires 25 bankers in Asia: Bloomberg

Sept 20 – Goldman Sachs has laid off at least 25 bankers in Asia, Bloomberg News reported on Tuesday, citing people familiar with the matter, as capital market volatility curbs trading across all sectors.

The job cuts, which span the bank’s equity capital markets, healthcare and telecommunications, media and technology teams in Asia, primarily affect junior-level bankers involved in operations in Greater China. , according to the Bloomberg report.

“Each year we conduct a strategic assessment of our resources and calibrate the number of employees based on the current operating environment,” a Goldman spokesman said. “We remain flexible as we execute on our strategic growth priorities.”

Goldman and its peers had contracted aggressively to expand in China after the country fully opened up its securities industry, before lockdowns and geopolitical crises crushed investment banking activity on the mainland.

Last week, Reuters reported that the Wall Street giant planned to cut jobs as early as this month, after halting the annual practice for two years during the pandemic, according to a source familiar with the plans.

Goldman Sachs typically cuts between 1% and 5% of its workforce each year, and the 2022 cuts are likely to be at the lower end of that range, the source had told Reuters, adding that staff reductions could start as early as this week.

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