Goldman Sachs Group is undertaking a reduction of over 30 banking jobs in Asia. This move comes in response to a challenging market environment that is placing pressure on dealmaking and trading revenues for Wall Street banks.

A report by Reuters revealed that the process of reducing regional jobs, primarily concentrated within the global banking and markets division, commenced on Wednesday.

According to two additional sources, the impact of the job cuts was most pronounced among China-focused bankers. Nine equities capital markets bankers, including a managing director, based in Beijing and Hong Kong, were among those laid off.

As part of Goldman Sachs' global restructuring efforts, the recent job cuts in Asia are a component of the upcoming layoffs that will affect fewer than 250 positions across the organisation. This information was provided by a fifth individual familiar with the situation.

Since late last year, Wall Street banks have been implementing workforce reductions due to a decline in dealmaking, which has negatively impacted their revenues.

According to a report from Reuters last month, Morgan Stanley, a competitor of Goldman Sachs, announced its intention to cut approximately 3,000 jobs in the second quarter. This marks the second wave of layoffs for Morgan Stanley within a span of six months.

According to a Bloomberg's report, Citigroup has initiated a reduction of over 20 positions in Asia, primarily at junior levels. When approached for comment, Citigroup declined to provide a statement.