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, and Kevin Yang, a managing director in the bank’s China investment banking team were among those laid off, they said.

Lam confirmed his departure when contacted by Reuters. Kevin Yang could not immediately be reached for comment on Saturday.

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.

The number of the banks’ remaining China-focused investment bankers could not immediately be learned.

After record dealmaking activity in 2021, M&A volumes and stock floats globally tumbled last year as volatility in capital markets and geopolitical tensions took their toll.

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