About 25 Merrill Lynch investment bankers have been laid off in the Asia-Pacific region, according to a spokesman.
'It is of a piece with what's happening elsewhere in the world of Merrill Lynch,' spokesman Bob Sherbin said.
Merrill Lynch was unable to provide a breakdown of the cuts but it is believed most will come at the Hong Kong offices. The bank employs about 1,000 people in the region, of which about half are based in Hong Kong.
The latest cuts come as part of a worldwide review of operations as the investment banking and brokerage giant faces a crippling industry downturn. On Friday, the company said 2,600 employees - 4 per cent of its global headcount - had agreed to accept the terms of a 'voluntary separation' programme.
The company will reportedly seek compulsory redundancies to reduce staff levels by 15 per cent worldwide.
The 2,600 to go include one-time star Internet analyst Henry Blodget, who said that he would leave the company last week in order to write a book about his experiences.