BofA, Citigroup trim investing banking headcount in Asia -sources
Bank of America (BAC.N) and Citigroup (C.N) have cut some investment banking jobs in Asia, people familiar with the matter told Reuters, joining global peers in paring headcount as China dealmaking slows.
Bank of America (BofA), which is shrinking its investment banking business globally, did away with around half a dozen Hong Kong-based jobs on Thursday, two people familiar with matter said.
David Lam, a managing director in BofA’s Greater China equity capital markets team, was among those laid off, they said. Lam confirmed his departure when contacted by Reuters.
Citi on Thursday trimmed four jobs from its China investment banking team, said one of the two people and a separate person. The Wall Street bank is laying off less than 1% of its workforce globally, people familiar with the matter have said.
BofA and Citi both declined to comment on layoffs involving investment bankers in Asia. All sources were not authorised to speak to media and declined to be named.
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