Reuters reports that onvestment banks and brokerages across Asia have launched a
sweeping round of job cuts as Europe's debt crisis and China's economic
slowdown bite into the region's financial activity. Speaking to bankers and other industry
sources, Reuters was able to confirm at least 50 people were let go in the past
three weeks, a cull that includes senior expatriates as well as junior bankers.
The cuts mainly target the equities business, with more layoffs expected in
coming weeks.
CLSA , Deutsche Bank, Goldman Sachs, and UBS were among the
banks and brokerages that cut jobs, the sources said. "In response to a market environment far
worse than anticipated and considerable over-capacity in the industry, we have
made the difficult decision to make some positions redundant," said Anna
Tehan, a spokeswoman for CLSA…..
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