Deal volumes in the lender’s home market in the US have fallen below expectations in the first half of the year
[HONG KONG] Bank of America has laid off 16 bankers in Hong Kong as part of global cuts to its investment banking workforce, two sources with knowledge of the matter told Reuters on Friday (Mar 14).
The lay-offs mainly targeted junior dealmakers, said the sources, who asked not to be named as they were not authorised to speak to media.
Most junior bankers were offered positions in other departments within Bank of America, one of the sources said, but it was unclear how many of them had accepted the proposal.
Bank of America declined to comment.
The US lender is eliminating 150 junior banker positions in its investment bank globally, two sources told Reuters earlier this week, mirroring similar exercises at rivals JPMorgan and Goldman Sachs.
Deal volumes in Bank of America’s home market in the US have fallen below expectations in the first half of the year.
Hong Kong, meanwhile, has seen revived activity in its initial public offering and additional share sale markets in recent weeks.
That has included sizable deals such as electric vehicle maker BYD’s primary share sale and drinks brand Mixue Group’s initial public offering. REUTERS
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