NEW YORK (TheStreet) -- Shares of Goldman Sachs (GS) - Get Report were lower in mid-afternoon trading on Friday as the company is reducing nearly 30% of its investment banking positions in Asia due to slowing activity in the region, Reuters reports, citing sources.
The New York-based bank has 300 investment banking jobs in Asia.
Most cuts will likely occur at Goldman's main Asian offices in Hong Kong, Singapore and China, the sources added.
The firm is scaling back the number of bankers working on mergers and acquisitions and equity and debt capital markets deals, Reuters noted.
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The total deal value for mergers and acquisitions in the Asia-Pacific region has declined to $572.9 billion so far this year, down from $745.7 billion during the same time last year.
In July, Goldman said it began cost-cutting initiatives to save about $700 million annually due to a "challenging" revenue environment, Reuters added.
Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
TheStreet Ratings rated this stock as a "buy" with a ratings score of B+.
The company's strengths can be seen in multiple areas, such as its increase in net income, attractive valuation levels, expanding profit margins, good cash flow from operations and growth in earnings per share. We feel its strengths outweigh the fact that the company has had somewhat disappointing return on equity.
You can view the full analysis from the report here: GS