FX.co ★ Goldman Sachs to cut 30% of its 300 jobs in Asia

Goldman Sachs plans to lay off about 30% of its 300 investment bankers in Asia outside Japan. The move will follow in response to a slowdown in activity in the region.
According to Reuters, the US bank wants to cut the number of positions involved in mergers and acquisitions (M&A), and equity and debt capital markets deals.
Hong Kong, Singapore and China, Goldman’s main Asian offices, are likely to witness most of the lay-offs.
According to the latest data, the total value of M&A deals in the Asia-Pacific region has declined to $572.9 billion since the beginning of 2016 from $745.7 billion in the same period a year before.
Goldman Sachs set about the program to reduce costs in July, aiming to save $700 million amid increasing pressure on profits.