Goldman Sachs has laid off nearly 25 investment bankers in Asia as dealmaking slows down across various sectors, reported Bloomberg News citing sources privy to the development.

The layoffs were carried out across the bank’s equity capital markets, health care, telecommunication, media and technology teams.

The move mainly affected junior level bankers who look after deals in Greater China, the report added.

A Goldman Sachs spokesperson was quoted by the publication as saying: “Every year globally we conduct a strategic assessment of our resources and calibrate headcount to the current operating environment.

“We continue to remain flexible while executing against our strategic growth priorities.”

Following the opening up of China’s securities sector, Goldman Sachs and its counterparts embarked on a hiring spree to enhance their presence in the country.

However, the Covid-19-induced lockdowns and geopolitical tensions have caused distress in mainland China’s investment banking industry.

Last week, Reuters reported that the bank was looking to cut hundreds of jobs across its divisions this month.

Goldman Sachs usually cuts around 1% to 5% of its jobs annually. The reported cuts could be in the bottom end of that zone and could commence this week.

The banking giant did not conduct this annual exercise for two years in the wake of the pandemic.

Until the end of June this year, the banking giant employed nearly 47,000 people, up 15% from last year.

In addition, the bank posted a fall of 48% in its quarterly profit, which was more than the predicted number.