Global Banks Are Quietly Cutting China Jobs as Big Bang Fizzles
- Wall Street firms may cut 10% China investment bankers in 2023
- Private equity, hedge fund firms are paring investments, staff
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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.