Private bankers in Hong Kong could face axe

Global banks that hoped to make Hong Kong a platform to win rich mainland Chinese clients are now under growing pressure amid a disappointing market performance this year, and some institutions have begun sacking staff to save cost.

Last week, Wall Street bank Goldman Sachs quietly laid off five Hong Kong-based employees, including at least one vice president-level employee, in the China team of its private wealth management division, according to sources familiar with the matter.

via Business feed http://www.scmp.com/business/banking-finance/article/1058664/private-bankers-hong-kong-could-face-axe