In Asia Pacific, the bank has drafted up a list of staff members considered redundant, who will mainly come from teams that focus on China-related business, two of the sources said.
Some of the cuts will come from capital markets teams in Hong Kong and mainland China, and most of the rest are expected to be from other teams focusing on China business, both onshore and offshore, the third source said.
The cuts in Asia Pacific will be greater than the bank’s annual staff losses from natural attrition in the region, the three sources said, adding that a final decision on the size of the cuts is yet to be taken.Getty ImagesA fourth source said the bank has yet to make decisions about the scale or timing of any layoffs, adding that layoffs are not imminent. Any cuts would represent a low-single digit percentage of staff globally, this person said.
With prospects for arranging and financing deals drying up, some investment banks are firming up plans to cut jobs.SOPA Images/LightRocket via Gett
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