Goldman Sachs Unloads 30 Bankers in Asia

As many as 30 bankers have left Goldman Sachs in Asia, as part of a global exercise to trim workers.

Up to 30 investment bankers have left Goldman Sachs in Asia, sources said, across teams in equity capital markets, healthcare as well as technology, media and telecommunications (TMT), especially those involved in Greater China deals.

Every year globally we conduct a strategic assessment of our resources and calibrate headcount to the current operating environment, said a spokesperson for the bank. We continue to remain flexible while executing against our strategic growth priorities.

According to a source familiar with the matter, the job cuts are part of a yearly practice that has been paused for two years during the pandemic.

Separately, a Reuters report last week said that Goldman’s annual exercise typically results in a 1-5 percent reduction of staff each year with 2022 expected to result in the lower end of that range. Globally, the bank’s headcount reached 47,000, as of end-June, up 15 percent year-on-year.