BofA, Citi cut handful of investment banking jobs in Asia: Sources
Bank of America and Citigroup have cut a handful of investment banking jobs in Asia, people familiar with the matter told Reuters.
PHOTO: Reuters
PUBLISHED ONMarch 03, 2023 8:15 AM
HONG KONG – Bank of America (BofA) and Citigroup have cut a handful of investment banking jobs in Asia, people familiar with the matter told Reuters, joining global peers in trimming headcount as a result of a slowdown in China dealmaking.
BofA cut around half a dozen Hong Kong-based investment banking jobs on Thursday (March 2), two people familiar with the matter said, as part of the bank's global downsizing in investment banking.
David Lam, a managing director in BofA's Greater China equity capital markets team, is among the bankers that were laid off, said the two people. Lam also confirmed his departure when contacted by Reuters.
Citi on Thursday trimmed four jobs from its China investment banking team, said one of the two and a separate person.
The Wall Street bank is laying off less than one per cent of its workforce globally, Reuters reported on Thursday, citing people familiar with the matter.
BofA and Citi both declined to comment on layoffs involving investment bankers in Asia. All the sources declined to be named as they were not authorised to speak to the media.
In addition to Wall Street banks, Nomura Holdings Inc has cut 18 Asian banking jobs, most of them China-focused investment banking roles, Reuters reported in January.