Monday, June 25, 2012

Grim News: Goldman Sachs, UBS cut jobs

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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