In response to a sluggish economy and regulatory modifications, Western banks have significantly reduced their investment teams in China. What Happened: The investment banking workforce of Western banks in China has seen a substantial reduction, the Financial Times reported on Monday. This downsizing is a result of a decline in profits and the end of a period of expansion in the country. Five of the seven securities units in China, which are part of Wall Street and European banks, either reported losses or a significant drop in profits in 2023. This led to a 13% decrease in the total workforce…
