With the Nikkei plummeting to new depths, Tokyo’s equity researchers might want to start thinking about other careers.

The 70-strong Japanese equity research team at Goldman Sachs could soon be downsized on the back of dwindling demand for equity analysis as overseas investors turn their backs on Japanese stocks. But don’t be surprised if Goldmans isn’t the only firm affected.

“Any jobs in banking are subject to the trends of the market and equity-area jobs are definitely among the most vulnerable in the current market,” says Pete Millett, director of recruitment firm People Services International.

“A trimming of front-office equity roles also directly affects areas such as equity research and analysis. Hiring trends for this year are certainly shaping up to be among the worst in recent memory,” he adds.

Are there any equity jobs out there at the moment? Millett says although some banks are still in a position to pick up senior talent at a bargain price, hiring levels have slumped because Japanese and Asian equity indexes have declined and investors have fled to less affected products such as treasuries and metals.

And when the jobs go, so do some of the headhunters. One senior recruiter, whose firm used to recruit in equity but has recently pulled out of banking recruitment, says many recruiting companies he knows have shut down their banking teams. “That should tell you something about the state of the market,” he says.