(Bloomberg) -- JPMorgan Chase & Co. is letting go of about 30 investment bankers in Asia-Pacific this week, with a majority of them based in Greater China, as deal flows in its biggest growth market in the region struggle to rebound, people familiar with the matter said.
The cuts to its Hong Kong and China-based bankers are the biggest seen in years, though they make up less than 5% of its investment banking headcount in the region, the people said, asking not to be identified because the matter is confidential. Most of those affected are junior level bankers, they said.
The cuts impact bankers both with a regional and China-focused remit and come as investment banks seek to reduce costs globally, the people said, playing down the impact of ongoing geopolitical tensions and China's regulatory environment. Goldman Sachs Group Inc. and Morgan Stanley have also cut jobs in the region and around the world as investment banking revenue has slumped.
“We regularly review our business needs and a small number of employees across Asia Pacific have been affected,” a Singapore-based spokesman said over phone, declining to comment on the size of the cut.
JPMorgan last month gained full ownership of its China mutual fund joint venture after winning control of a local securities venture in 2019, and raising its holding in a futures firm to 100% in 2020. The US firm in late 2021 won approval to invest about 2.67 billion yuan ($389 million) in China Merchant Bank Co.'s asset management subsidiary.
Goldman and Morgan Stanley recently announced thousands of job cuts globally as layoffs at technology and finance companies in the US have piled up. JPMorgan also cut hundreds of mortgage employees this month, adding to job losses across the industry as home-lending businesses continue to be hurt by higher interest rates.
--With assistance from .
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