People familiar with the matter said that Goldman Sachs head of Southeast Asia mergers and acquisitions Ruben Bhagobati, and Singapore-based managing director Antoine Izard are among those leaving the company.
Since the beginning of January, about 15 people are said to be leaving or have departed the team in Singapore.
According to an internal memo received by Bloomberg News, Goldman Sachs head of investment banking for Southeast Asia Hsin Yue Yong decided to quit by February-end.
A decline in the value of equity deals in the Southeast Asian region to $24.1bn in 2014 from $36.6bn in 2013 prompted the bank to take the decision.
The exits may be primarily due to retirements, re-assignments to the US and Hong Kong, minor redundancies and some performance related departures, according to media sources.
Founded in 1869, the Goldman Sachs Group engages in global investment banking, securities, investment management, and other financial services primarily with institutional clients.
Headquartered at 200 West Street in the Lower Manhattan area of New York City, the company has additional offices in international financial centers.
Image: Headquarters of Goldman Sachs at 200 West Street in Manhattan. Photo: courtesy of Quantumquark
