Goldman Sachs has led the charge in cutting jobs in Hong Kong, but rivals are expected to follow suit in the coming weeks.
“Every corporate finance head I speak to says they’ll be trimming headcount in the coming weeks,” says one headhunter, who would not specify which banks will cut.
But eFinancialCareers understands that Goldman’s big US rivals will start to make cuts. They are not expected to be on the same scale as Goldman which cut 30 jobs last month. “Goldman has to cut because it hire much more aggressively than the rest,” said the headhunter.
The areas that Goldman cut last month are instructive – one third of the people who left covered China equity capital markets, which has been the worst hit areas of corporate finance this year.