Western financial institutions in China have cut their investment banking workforce by the most after a slowdown hit profits and halted expansion in the country, Kaye Wiggins, Cheng Leng, and Thomas Hale of The Financial Times reports. The cuts occurred after five of seven Chinese securities units part of Wall Street and European banks either made a loss or reported tumbling profits, the Times said, citing recently released annual reports. Banks in the space include Goldman Sachs (GS), Morgan Stanley (MS), Credit Suisse (UBS), Deutsche Bank (DB), HSBC (HSBC), JPMorgan, (JPM), and UBS.
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