WIONLondon, United KingdomSep 23, 2016, 11.57 PM (IST)
In response to a slowdown in the Asian markets, Wall Street bank Goldman Sachs is cutting banking jobs in Asia outside of Japan.
It will reduce the number of bankers to almost 30 per cent of the 300 investment banking jobs in the market.
Sources told Reuters that those working on mergers and acquisitions (M&A), and equity and debt capital markets deals will be affected.
It will be left to slightly more than 200 bankers across Asia.
The process is already underway with most of the job cuts expected in Hong Kong, Singapore and China.
Goldman and other big investment banks are grappling with a harsh environment for deals across Asia after the region's economies and markets failed to deliver sustained growth after the 2008 financial crisis.
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.
The local competitors have also eaten into their business.
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.
Its investment banking revenue fell 11 per cent to $1.79 billion in the second quarter.
Many of Goldman's European rivals have announced plans to scale down their operations in Asia.
Barclays said in January that it would cut about 1,000 staff in its investment bank operations worldwide, with the bulk happening in Asia, while Societe Generale decided to close its equities research desk in India.
Other European banks including BNP Paribas and Deutsche Bank are expected to scale back operations in non-core Asian markets.