(Bloomberg) — Citigroup Inc. investment banker David Jiang is leaving the US lender as part of a recent round of layoffs, according to people familiar with the matter.
Jiang, a Hong Kong-based managing director and co-head of industrial deals in Asia, is departing as global banks seek ways to adapt to a slump in dealmaking, the people said. Prior to joining Citi in 2018, he had worked at UBS Group AG for more than eight years, his LinkedIn profile shows. He also had stints at Macquarie Bank and Deloitte.
A representative for Citi declined to comment, while Jiang didn’t respond to requests for comment.
Citi may eliminate another 20 investment banking jobs in Asia, Bloomberg News reported last month. Goldman Sachs Group Inc. and JPMorgan Chase & Co. are also among Wall Street firms that have been cutting bankers in the region as macro-economic concerns and tumultuous markets constrain deals.
Dealmakers globally are roughly $1 trillion down in one of the worst years for takeovers and stock market listings in a decade, and banks have already been slashing bonuses and jobs in response to the slump.
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Source: bnnbloomberg.ca
