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The job cuts, which span across the bank’s equity capital markets, health care, and telecommunication, media and technology teams in Asia mostly impacted junior level bankers involved in deals in Greater China, the Bloomberg report said.
“Every year globally we conduct a strategic assessment of our resources and calibrate headcount to the current operating environment,” a Goldman spokesperson said. “We continue to remain flexible while executing against our strategic growth priorities.”
Goldman and its peers had hired aggressively to expand in China after the country fully opened up its securities industry, before lockdowns and geopolitical crises crushed investment banking activity in the mainland.
Reuters reported last week the Wall Street giant planned to cut jobs as early as this month after pausing the annual practice for two years during the pandemic, according to a source familiar with the plans.
Goldman Sachs (NYSE:GS) typically trims about 1% to 5% of its staff each year, and the 2022 cuts will likely be in the lower end of that range, the source had told Reuters, adding that staff reductions may begin as early as this week.
Goldman’s headcount swelled to 47,000 at the end of June, up 15% from a year earlier. A 1% cut to staffing would imply a reduction of about 500 bankers.
