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Hong Kong, March 26 (Bloomberg) — Goldman Sachs Group Inc., which expanded its Singapore unit three years ago, said it’s cutting back investment bankers in the city-state and will serve most of its Southeast Asian clients out of Hong Kong.
Goldman will cut or transfer 12 of 14 investment-banking positions in Singapore, where its clients include DBS Group Holdings Ltd. and Singapore Telecommunications Ltd., bankers familiar with the plan said. Goldman is trying to hire at least one more banker in Singapore and may transfer two into the city to bring its final complement to five, the bankers said.
“Investment banking in Singapore will focus on opportunities in Singapore itself primarily, and we will service our clients in the ASEAN region out of our hub in Hong Kong,” said Peter Rose, Goldman’s Hong Kong-based spokesman. Rose declined to say how many bankers would lose their jobs.
Goldman’s president in Asia, Richard Gnodde, last week told staff that the number of employees in Asia will be “flat to modestly down by the end of the year.”
Goldman’s net income fell 32 percent to $524 million in the three months ended Feb. 22. The firm said it plans “mid-single digits” cuts in staff numbers.
Goldman’s fixed income business is not affected by the changes and Singapore remains the headquarters of its asset management business.