Japanese brokerage and investment bank Nomura has axed 18 banking roles in Asia as dealmaking activities in the region registers a massive downturn, Reuters has reported citing two sources privy to the development.

Majority of the cuts includes investment positions focusing China.

Last week, the firm dismissed bankers from its offices in Hong Kong, Singapore, Malaysia and Taiwan, told the unnamed sources.

The redundancies not only affected Asian markets, but also the company’s investment banking business in the US, Europe, the Middle East and Africa, a separate source told the publication without giving much details.

In a statement, Nomura accepted the layoff but refrained from offering details regarding the locations or the size of the cuts.

Nomura in the statement, that was seen by the new agency, said: “2022 saw a material deterioration in global investment banking fee pools and, as a result, we have had to reduce headcount in certain areas.”

The job cuts include employees at different units of the firm’s investment banking business, which witnessed no dealmaking activity in the region for a year, added one of the two sources.

According to the two sources, Nomura’s equities capital unit, debt capital unit as well as corporate finance and Southeast Asia coverage have seen reduction of two to three staffs each.

The ‘China-focused’ layoffs represent nearly one-fourth of the company’s workforce in China, added the second source.

The latest development follows Nomura’s last month announcement that revealed the firm’s plan to open a new office in Dubai, United Arab Emirates.

The office is expected to strengthen the firm’s International Wealth Management business in the Middle East.