JPMorgan has made redundant William Tsai, v.p. in the equity derivatives group in Hong Kong, on the back of massive layoffs in the Asian region. In recent weeks, JPMorgan laid off about 90 bankers in the region, including 13 managing directors. Industry officials said that Tsai covered equity derivatives trading for the Taiwan market. He reported to David Long, v.p. and head of equity derivatives trading in Hong Kong. Long declined comment. Tsai couldn't be reached.
The layoffs are in line with other firms reactions to the depressed equity markets. Several rivals have scaled back their equity derivatives operations recently, including Barclays Capital Asia (DW, 10/14), while others, such as Bank of America, have closed their operations.
