Bank of America cuts 20 investment bankers in Asia
Add BT as a preferred source
DeeperDive is a beta AI feature. Refer to full articles for the facts.
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
Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.
Share with us your feedback on BT's products and services
