Goldman Sachs to cut 25 percent Asia investment bank jobs

Goldman Sachs Chairman and CEO Lloyd Blankfein testifies before a Senate Homeland Security and Governmental Affairs Committee hearing on Goldman Sachs' role in the financial crises on Capitol Hill in Washington on April 27, 2010. Goldman Sachs is reportedly planning to eliminate about a quarter of its investment banking jobs in Hong Kong and Singapore. File Photo by Roger L. Wollenberg/UPI

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.

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