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By Pamela Barbaglia
LONDON (Reuters) - Goldman Sachs
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 jobs cuts are likely to take place in Hong Kong, Singapore and China, where Goldman's main Asian offices are located, they added.
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 Reuters data.
Goldman 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.)