Global Banks Quietly Cutting China Jobs as Big Bang Fizzles - Bloomberg

2022-11-14 15:24:23 By : Ms. Jane Bian

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China’s financial opening that kicked off three years ago was supposed to be the biggest banking play of a lifetime. It’s now at risk of foundering as a slump in deals and growing political tension force global banks to recalibrate their plans to conquer the $56 trillion financial market.

In public, executives say they’re in for the long-haul, but behind the scenes banks such as Goldman Sachs Group Inc. and UBS Group AG have jettisoned China-focused investment bankers. Some global banks expect to cut more next year and are prepared for major staff exits as bonuses vanish.