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Goldman Sachs cutting nearly 30 percent of Asia investment banking jobs - sources

By Pamela Barbaglia

(Reuters) - is cutting almost 30 percent of its 300 investment in outside in response to a slowdown in activity in the region, two sources familiar with the matter told Reuters.

The Wall Street bank is reducing the number of bankers working on mergers and acquisitions (M&A), and equity and debt capital markets deals, the sources said. Most of the cuts are likely to take place in Hong Kong, Singapore and China, where Goldman's main Asian offices are located, they added.

A spokesman declined to comment.

The total value of M&A deals across the Asia-Pacific region has dropped to $572.9 billion so far this year, from $745.7 billion in the same period of 2015, according to Thomson data.

said in July it had embarked on a cost-cutting plan that would save $700 million a year in response to a "challenging backdrop" for revenue.

(Additional reporting by Saeed Azhar in Singapore and Sumeet Chatterjee in Hong Kong; Editing by Pravin Char)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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Business Standard

Goldman Sachs cutting nearly 30 percent of Asia investment banking jobs - sources

Reuters  |  LONDON 

By Pamela Barbaglia

(Reuters) - is cutting almost 30 percent of its 300 investment in outside in response to a slowdown in activity in the region, two sources familiar with the matter told Reuters.

The Wall Street bank is reducing the number of bankers working on mergers and acquisitions (M&A), and equity and debt capital markets deals, the sources said. Most of the cuts are likely to take place in Hong Kong, Singapore and China, where Goldman's main Asian offices are located, they added.

A spokesman declined to comment.

The total value of M&A deals across the Asia-Pacific region has dropped to $572.9 billion so far this year, from $745.7 billion in the same period of 2015, according to Thomson data.

said in July it had embarked on a cost-cutting plan that would save $700 million a year in response to a "challenging backdrop" for revenue.

(Additional reporting by Saeed Azhar in Singapore and Sumeet Chatterjee in Hong Kong; Editing by Pravin Char)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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Goldman Sachs cutting nearly 30 percent of Asia investment banking jobs - sources

LONDON (Reuters) - Goldman Sachs is cutting almost 30 percent of its 300 investment banking jobs in Asia outside Japan in response to a slowdown in activity in the region, two sources familiar with the matter told Reuters.

By Pamela Barbaglia

(Reuters) - is cutting almost 30 percent of its 300 investment in outside in response to a slowdown in activity in the region, two sources familiar with the matter told Reuters.

The Wall Street bank is reducing the number of bankers working on mergers and acquisitions (M&A), and equity and debt capital markets deals, the sources said. Most of the cuts are likely to take place in Hong Kong, Singapore and China, where Goldman's main Asian offices are located, they added.

A spokesman declined to comment.

The total value of M&A deals across the Asia-Pacific region has dropped to $572.9 billion so far this year, from $745.7 billion in the same period of 2015, according to Thomson data.

said in July it had embarked on a cost-cutting plan that would save $700 million a year in response to a "challenging backdrop" for revenue.

(Additional reporting by Saeed Azhar in Singapore and Sumeet Chatterjee in Hong Kong; Editing by Pravin Char)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

image
Business Standard
177 22

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