Goldman Sachs is poised to cut investment banking headcount in Asia by around a quarter after revenues halved during the first half of the year, according to one person familiar with the matter.
The layoffs of around 75 people across Asia excluding Japan and Australia will be deep and “somewhere between 20% and 30%, although the 30% number is too high,” said the person.
Goldman will make the people redundant later this year they have not yet been told, the person said. The firm has around 300 investment bankers in the region, excluding Japan, Australia and assistants in the corporate finance division.
The...
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