Despite experts’ recent predictions that Asian banks would remain relatively unscathed by the global financial situation, it seems that more and more companies are experiencing job loss in the region. According to a financial service headhunting firm in Mumbai, very few companies are hiring. Investment banking seems to be one of the hardest teams hit with the firings, while brokerage units remain relatively intact. Asia’s investment banking industry is primarily dependent on the equity capital markets, which make up about two-thirds of banks’ revenue in Asia. While a few offerings have gone through, most deals have been put on hold or canceled entirely. Singapore and Hong Kong are expected to be among the hardest Asian cities hit by the economic downturn. Hopefully we’ll hear better news on this front in the coming weeks!