US lenders Bank of America and Citi are reportedly trimming their investment banking headcount in Asia.
Bank of America and Citigroup have unloaded some investment banking jobs, according to a «Reuters» report citing unnamed sources, mostly related to the China market.
BofA cut around half a dozen Hong Kong-based jobs, including Greater China equity capital markets managing director David Lam and China investment banking managing director Kevin Yang.
Citi, which is in the midst of laying off less than one percent of its global workforce, also cut four people from its China investment banking team.
Industry Cuts
BofA and Citi join a number of other industry peers in reducing investment banking headcount in Asia amid a slump in China dealmaking due to a combination of factors including Covid-related curbs, geopolitical tensions and broader market volatility.
JPMorgan also cut around 20 mostly mid-leveled investment bankers and Nomura cut 18 Asian banking jobs, the report added, most of which were focused on the China market.
