(Bloomberg) -- JPMorgan Chase & Co. has started a new round of layoffs in Asia, cutting at least seven more investment-banking jobs, according to people familiar with the matter.
The New York-based bank initiated the reductions this week, impacting mostly staff at vice president and associate levels in sectors including consumer, energy and health care, the people said, asking not to be identified discussing a private matter.
Rivals including Morgan Stanley, HSBC Holdings Plc, UBS Group AG and Goldman Sachs Group Inc. have also cut jobs at their Asia investment-banking units over the past couple of years, as deal flows in China and Hong Kong dry up due to factors such as the sluggish economy and persisting political risks.
A representative for JPMorgan declined to comment.
JPMorgan already made two rounds of job cuts totaling about 50 positions in Asia last year, underscoring the challenges in the region. Still, the Wall Street bank recently promoted 48 employees to executive level in Asia, as well as more than 100 in Europe, the Middle East and Africa.
International and Chinese banks are under pressure as investor confidence sags. Last year, proceeds from initial public offerings in the financial hub of Hong Kong slumped to the lowest level in two decades.
--With assistance from Jan Dahinten.
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