On November 17, HSBC in Hong Kong announced that 450 staff had been let go, and Goldman Sachs and Morgan Stanley both say that jobs in Asia will be lost as part of the 10% global headcount reductions announced. Other investment banking jobs in the region are sure to go. However, amid the expected cutbacks and surprise departures there have been a few hires as some firms look to benefit from the rush of polished CVs hitting the market.
Chief among the surprise departures was Damian Chunilal, Merrill Lynch’s well-liked head of investment banking, who left abruptly on November 11.
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