Bank of America on Tuesday (Jan 23) announced layoffs of around 20 bankers in Asia, said three sources with knowledge of the matter, becoming the first major bank to downsize in 2024 as China and Hong Kong markets continue to underperform.

The majority of the bankers affected are based in Hong Kong, according to two of the sources and a fourth person with knowledge of the matter.

Some cuts were also made in other Asian markets, the sources said.

The layoffs come as China and Hong Kong’s stock markets touched new lows in years in the recent weeks, which took toll on deal prospect of investment banks including the Wall Street firm, sources said.

All of the sources declined to be named as the information is confidential.

A Bank of America spokesperson declined to comment. REUTERS

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