China is taking a beating from investment banking job cuts as firms reduce headcount in the Asia-Pacific region.
Credit Suisse has become the latest bank to cut heavily, with around 20 China-focused bankers understood to be losing their jobs, according to a report by Reuters, amounting to around one third of its investment banking team. This followed a similar move by Morgan Stanley, which cut 40 jobs in APAC, with the bulk hitting China. UBS has also trimmed headcount in its China investment banking business, but only two bankers have been let go, according to sources.
It was Goldman Sachs that set the ball rolling on the Chinese cuts, however. In October, made a number of cuts in its China investment banking business.