It will be on a much-smaller scale because China remains a long-term commitment for US banks.” One banker at a European firm said: “I don’t think you’ll see Goldman-style cuts, where they fired 40 China bankers. It was ranked fourth overall in APAC.īankers say that more cuts could come depending on whether deal activity returns in the first quarter but suggested that any reductions would be more in line with JPMorgan’s low-key approach.
JPMorgan fell two places to sixth in international China investment banking fee tables last year, while Goldman was second and Morgan Stanley was fourth, according to Dealogic.
The bank wouldn’t comment on the seniority of those most affected, or in which areas of the business the cuts had come, but a spokesperson said: “ We regularly review our business needs and a small number of employees across Asia Pacific have been affected.” Two sources said that the job cuts have affected staff in equity capital markets, as well as industry groups focused on ‘new economy’ sectors such as healthcare, and technology, media and telecoms, which have borne the brunt of the fall in deal activity. The US bank is understood to have made around 30 people redundant, and sources say many of the reductions affecting China-focused staff based in Shanghai and Hong Kong.īut while Goldman Sachs and Morgan Stanley have both cut senior bankers, JP Morgan’s cost-reduction exercise has focused on more junior staff. JP Morgan has become the latest big bank to cut jobs in the Asia-Pacific region, but unlike rivals it has kept redundancies to a minimum.
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