|Charissa Echavez |||Sep 26, 2016 07:30 AM EDT|
(Photo : Getty Images) A financial professional stands in the Goldman Sachs booth on the floor of the New York Stock Exchange April 27, 2010 in New York, New York.
Goldman Sachs is going to axe up nearly 30 percent of its 300 investment banking teams in Asia outside of Japan, sources familiar with the matter told Reuters.
Goldman Sachs, which is one of the earliest Wall Street entrants to China, will be cutting down the number of bankers working on mergers and acquisitions, and equity and debt capital markets deals, according to Bangkok Post.
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Although the job cuts will not affect bankers from Austalasia and Japan, the bulk is likely to come from Hong Kong and Singapore, while departures in mainland China will be a relatively few. Following the reduction, around 200 bankers will be left across Asia. The exact number of lay-offs is yet to be confirmed.
One of the sources also revealed no managing directors in Asia were running to be made partners this year, and three existing partners were removed from their titles, Bangkok Post reported.
The bank's job cuts follow amid a regional slowdown that has experience revenues from initial public offerings, mergers and acquisitions, and debt offerings plunging by double digits this year, Finews reported citing Dealogic.
It saw a major drop from ranking top based on investment-banking revenues in 2014 to eight so far this year across the Asia-Pacific except Japan. Goldman Sachs revenue was down by 11 percent to $1.79 billion in the second quarter this year.
In response of a "challenging backdrop" for revenue, Goldman Sachs revealed in July it planned a cost-cutting drive to save as much as $700 million annually and asked 2,000 workers at Goldman Sachs Asset Management to trim down expenses such as travel costs.
Meanwhile, the bank refused to give its comment about the lay-off reports.
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