Bankers in Asia are bracing themselves for another round of jobs cuts after disappointing levels of trading and issuance activity especially in equity markets this year as markets continue to suffer from the global economic slowdown.
Most banks made cuts of up to a few tens of people each in the final quarter of last year or the first quarter of this year, but some have let a further handful of people go in recent weeks, including Credit Suisse, Morgan Stanley, Deutsche Bankand Goldman Sachs, according to headhunters and senior bankers.
Renaissance Capital, the Russian-backed emerging markets bank, has closed its Hong Kong and Beijing offices with many of its staff there facing redundancy as it refocuses on Russia and Africa. CLSA, the equities-focused house, made more than 20 people redundant last month.