Bank of America reportedly shifted some dealmakers after looking at contingency plans related to the city's zero-Covid regime early this year.
Bank of America is relocating some of its dealmakers from Hong Kong to Singapore, according to a «Bloomberg» report that cited unnamed sources.
The co-head of Asia consumer and retail investment banking, Dominic Tan, and head of equity capital markets syndicate, Anastasios Pefanis, will ostensibly move temporarily, as will a director in the M&A team, John Lin, who may be taking on a new role covering Southeast Asian deals.
James Love, the current Southeast Asia head of M&A, will return to Australia.
Contingency Planning
Bank of America reportedly began planning for relocation in early January of this year in a process that was led by APAC chief operating officer Richard Yacenda which looked at identifying staff who were potentially able to make the shift.
The American lender’s latest move marks another example of the waning tolerance for doing business under the restrictions of Hong Kong’s current zero-Covid regime.
Recently, rival U.S. bank Citi also reportedly shifted senior equities staff away from Hong Kong to other markets including Singapore.
