HONG KONG: JPMorgan Chase & Co has become the latest Wall Street firm to reduce its workforce in Hong Kong, two sources with knowledge of the matter said, amid a weaker market and dealmaking activities.
The U.S. bank laid off at least six bankers in Hong Kong this week, the sources said, who declined to be named as they are not authorised to speak to media.
The job cuts were first reported by Bloomberg on Tuesday.
JPMorgan declined to comment.
Reuters reported in April that Morgan Stanley and HSBC were cutting dozens of investment banking jobs in the Asia Pacific region, as banks started to tighten costs amid sluggish markets and slower dealmaking. (Reporting by Selena Li and Kane Wu, Editing by Louise Heavens)
