BNP Paribas SA made its first round of layoffs in China investment banking since an expansion two years ago, cutting about 10 jobs amid a sluggish market for deals, people familiar with the matter said.

BNP let go seven Hong Kong-based staff across investment banking, corporate finance and equity capital markets last week, along with three from its mainland offices. The cuts affect about 10% of the bank’s China-related headcount, one of the people said. A managing director responsible for signing off on initial public offerings was among those laid off, the people said.