A Closer Look

Asia: Investment banks launch round of job cuts

Investment 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 (DBKGn.DE), Goldman Sachs (GS.N), and UBS (UBSN.VX) 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.

CLSA, an Asia focused brokerage, has prided itself over the years in keeping cuts low, with employees previously taking voluntary pay cuts to stay on board.

“A very small percentage of our workforce is affected, from across all areas of the business,” Tehan said, adding that the firm would not comment on specific reduction numbers.

Two sources at CLSA said tens of jobs were cut across the region in the last two weeks, with one saying specifically they included 25 staff in Hong Kong, and 10 in India across sales, core research and the new India Reality Research division.

“Banks have cut 5-7 percent of staff, which is unusual as this cut usually happens in November and December,” David Azar, managing director, equities at recruitment firm Pemberton Stewart, wrote in an e-mail, describing the round of layoffs.

“We see more cuts in the next few months.”…

via Asia’s investment banks launch round of job cuts | Reuters.

Discussion

11 thoughts on “Asia: Investment banks launch round of job cuts

  1. Heya! I’m at work browsing your blog from my new iphone 4! Just wanted to say I love reading your blog and look forward to all your posts! Keep up the outstanding work!

    Posted by Gale Fruth | June 29, 2012, 9:45 pm
  2. very interesting site.

    Posted by Ariadna | July 10, 2012, 9:58 am
  3. you have awesome ideas that you know how to express in so easy way.

    Posted by Alani | July 13, 2012, 11:53 pm
  4. Your mode of telling the whole thing in this paragraph is in fact good, every one be capable of without difficulty be aware of it, Thanks a lot.

    Posted by Vigrx hoax | April 1, 2014, 9:25 pm

Trackbacks/Pingbacks

  1. Pingback: Deutsche Bank – 1,900 jobs cut « Job Market Monitor - July 31, 2012

  2. Pingback: South Korea – Layoffs across brokerage houses « Job Market Monitor - August 6, 2012

  3. Pingback: UK / HSBC bank cutting 3,166 jobs | Job Market Monitor - April 23, 2013

  4. Pingback: Banks aren’t the big jobs machines they used to be | Job Market Monitor - April 26, 2013

  5. Pingback: RBS / 1,400 Jobs cut in UK | Job Market Monitor - May 16, 2013

  6. Pingback: UK / Banks employment to 9yr low | Job Market Monitor - May 28, 2013

  7. Pingback: Wall Street / Biggest Job Cuts Yet to Come ? | Job Market Monitor - July 26, 2013

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

Jobs – Offres d’emploi – US & Canada (Eng. & Fr.)

The Most Popular Job Search Tools

Even More Objectives Statements to customize

Cover Letters – Tools, Tips and Free Cover Letter Templates for Microsoft Office

Follow Job Market Monitor on WordPress.com

Enter your email address to follow this blog and receive notifications of new posts by email.

Follow Job Market Monitor via Twitter

Categories

Archives

%d bloggers like this: