Bloomberg reports that while the 33,437 reductions are less than half of the 76,654 made in region during the same period a year ago, analysts expect the cuts to increase. Financial firms have announced more than 60,000 cuts globally so far this year, data compiled by Bloomberg Industries show.
'Last year’s cuts were designed to deal with the new market paradigm', said Christopher Wheeler, a London-based analyst at Mediobanca SpA. 'This year’s cuts show how much deeper the banks have had to go. Job losses will continue through year-end as banks focus on costs rather than revenues, given the current environment'.
In the meantime, Bloomberg also reports that BNP Paribas has cut about 15 equity research jobs in Asia in the last month including Jim Hung, the head of research in Taiwan, said two people with knowledge of the matter.
Wee Siang Ng, a Singapore-based banks analyst, and Jakarta-based Tjandra Lienandjaja, Helmy Kristanto and Julianto Wongso were among those who lost their jobs, said the people, who asked not to be identified as they aren’t authorized to speak to the press.
Finally, Bloomberg reports that QInvest LLC, the Qatari investment bank forming a joint venture with Egypt’s EFG-Hermes Holding SAE, is cutting jobs at its brokerage and asset management divisions, two people familiar with the matter said.
As many as 13 people are leaving the Doha-based bank, one of the people said, declining to be named because the cuts aren’t public.