Goldman and Citi will reportedly cut dozens of investment banking jobs in Asia this week as the region's dealmaking downturn persists.
Goldman Sachs made a fresh round of investment banking job cuts that will affect 15 dealmakers, including nine from equity capital markets, according to a «Bloomberg» report citing unnamed sources. Citi may also offload 20 jobs, mostly at junior levels.
The cuts follow lower revenues across equity sales and mergers. The exact number of jobs that will be lost has not been decided.
Downsizing in China
Investment banks across the board are downsizing in Asia, particularly with regard to jobs linked to the China market which is undergoing a slowdown.
Others that are retreating include US rivals Morgan Stanley, which reportedly made another round of cuts in May affecting 7 percent of APAC investment bankers, and JPMorgan which has admitted that the timeline to realize its China ambitions has lengthened.
