Bank of America is planning to add 50 investment bankers in Asia this year, making it one of the sectors most aggressive recruiters in the region.
One-third of the new hires are expected to be senior bankers, according to a «Reuters» report citing three unnamed sources, including managing directors for its M&A advisory and capital markets business primary in Hong Kong, Singapore and Australia. The final total headcount for the year could vary depending on the momentum of deal flow throughout the year.
«The bank's coverage footprint [in Asia Pacific] is smaller than bigger rivals,» one of the sources, adding that it hopes to expand to close the gap in coverage of industrial sectors and clients in the region.
Banking on China
Trade tensions are likely to ease at least temporarily following the conclusion of a phase 1 deal between the U.S. and China. This will undoubtedly bode well for investor sentiments and, subsequently, global market activities. In 2020, PwC expects Hong Kong to retain its top-ranked status for initial public offerings, projecting fundraising to reach HK$260 billion ($33.4 billion) from 180 companies – a 17.6 percent drop but still in line with the 10-year average.
Last year, Bank of America had already embarked on an expansion trajectory in Asia by hiring about a dozen senior bankers, one source added.
