GOLDMAN SACHS has laid off at least 10 people in its Hong Kong operations over the past three weeks, and further cuts are expected over the next month.
However, the company insists the staff reductions will be small and it will not turn out to be blood-letting.
The cuts have come from its fixed income, commodities trading, investment banking, and back office operations.
J Aron, Goldman's commodity trading arm, has let three senior people go including its executive director.
Fixed Income futures has also been pared with two staff on the derivatives side let go and the futures services business being shut down.
Its back office operations, which employ a large proportion of expatriates, has also seen some junior staff positions cut.
However, the largest cuts are expected to be in Goldman's expansive investment banking team.
