HSBC Holdings, Plc. shares are sliding on Tuesday.

Amid a decline in dealmaking across the region, the company has reportedly initiated a fresh wave of job cuts at its Asia investment bank, Bloomberg reported.

On Tuesday, the London-headquartered lender reduced its workforce by approximately a dozen bankers within its investment banking division in Asia, the report read.

HSBC ( HSBC ) follows global counterparts like UBS Group AG ( UBS ) , Goldman Sachs Group, Inc. ( GS ) , and Citigroup, Inc. ( C ) in implementing multiple rounds of job cuts in Asia amid declining stock sales and mergers.

In HSBC’s core markets of Hong Kong and China, dealflow is notably slow, reflecting challenges in the world’s second-largest economy as it grapples with post-pandemic uncertainties.

Earlier this month, HSBC’s head of global banking and markets, Greg Guyett, remarked that Hong Kong’s IPO market may not see recovery until the second half of the year, despite signs of investment flows rebounding in China. 

Guyett also indicated that HSBC’s overall headcount for global banking and markets is likely to “continue to trend down” as the firm prioritizes leveraging technology to streamline operations.

HSBC ( HSBC ) has expanded its investment bank in Asia through regional hires in recent years, with job cuts relatively less severe compared to other Wall Street institutions, the report read. 

The U.K. lender previously dismissed at least four Hong Kong-based bankers last year and trimmed its debt team in Hong Kong the year before. 

Additionally, Guyett expressed interest in recruiting senior bankers with strong client relationships in other Asian hubs like Singapore and Mumbai, Bloomberg added.

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Price Action: HSBC ( HSBC ) shares are trading lower by 2.28% to $39.65 on the last check Tuesday.

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