CICC, Citic, JPMorgan cut investment banking jobs in China as deals stall

Starting next week, submitting Obituaries, In Memoriams or Cards of Thanks for our publications and online becomes easier! Simply visitHONG KONG -Two Chinese companies and JPMorgan have become the latest banking groups to cut jobs in China as a slow recovery in listing and dealmaking activities force them to ramp up cost controls, six sources with knowledge of the matter said.

Chinese banks were previously backed by a strong pipeline of domestic listings and smaller deals but now face collapsing deal volume as onshore listings stall with uncertainty in the recovery of offshore markets of Hong Kong.Wall Street and European banks moved throught 2023 to trim their investment banking workforces in the Asia Pacific region, with Chinese companies bucking the trend, resorting to job relocation and pay cuts instead of direct layoffs.

The top offshore listing destinations for Chinese companies - Hong Kong and the United States - are facing slower dealmaking and shrinking valuations.

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