JPMorgan to lay off about 30 investment banking staff in Asia Pacific

JPMorgan is going to cull up to 30 investment bank jobs in Asia-Pacific this week, media reports said.

The crackdown on staff would see the majority of employees based in Greater China packing their bags and going, as deal flows in its biggest growth market in the region struggle to rebound.

The cuts to its Hong Kong and China-based bankers are the biggest seen in years, though they make up less than 5 per cent of its investment banking headcount in the region. 

Most of those affected are junior-level bankers. The cuts impact bankers both with a regional and China-focused remit. The move comes as investment banks seek to reduce costs globally.

Goldman Sachs Group and Morgan Stanley have also cut jobs in the region and around the world as investment banking revenue has slumped.