North Carolina-based Bank of America is reportedly planning to move 40 bankers in Asia to other divisions to avoid cutting the overall headcount.
Bank of America plans to ask around 40 bankers in Asia to seek jobs in other divisions, according to a «Bloomberg» report citing unnamed sources. The plans to attempt transferring staff are part of efforts to avoid headcount reduction.
About half of those affected bankers are based in Hong Kong with a focus on China and the majority of them are in junior positions. A few positions in global markets may also be affected.
Bank of America joins a number of other US rivals that are reportedly scaling down their exposure to China. Goldman Sachs, for example, revised projections on its five-year plan downwards after China’s business environment «drastically changed» and let go over one-tenth of its workforce on the mainland after doubling its headcount to more than 600.
