NEW YORK, Sept. 24 (UPI) — Goldman Sachs plans to lay off about a quarter of the investment bankers in its Asian workforce, according to an insider with knowledge of the situation.
The banking giant is looking to slash about 75 jobs in the region due to a 16 percent decline in regional IPO offerings this year.
Insiders note the layoffs will come from Hong Kong and Singapore, exempting Japan from any possible cuts.
Goldman Sachs has also faced scrutiny for underwriting $6 billion in bond sales for the Malaysian government fund, which is under investigation for its role in a suspected money laundering scheme.
The cutbacks are expected to come later this year.
