Goldman cuts at least 25 bankers in Asia amid deal drought in China: Report

The reductions come after Goldman went on an unprecedented hiring spree in mainland China and Hong Kong last year as China opened its financial market fully to foreign brokerages and asset managers

Goldman Sachs Group Inc has started axing at least 25 bankers in Asia as a drought in dealmaking has prompted cuts across sectors, people familiar with the matter said. 
 

The cuts span across its equity capital markets, health care and telecommunication, media and technology teams in Asia, the people said, asking not to be identified because the matter is confidential. The majority of the reductions are affecting junior level bankers involved in deals in Greater China, the people said. 

“Every year globally we conduct a strategic assessment of our resources and calibrate headcount to the current operating environment,” a spokesman said