Charlotte-headquartered Bank of America is reportedly the first major investment bank in 2024 to cut jobs in Asia, primarily in Hong Kong.
Bank of America has announced that it will ax around 20 investment banking jobs in Asia, according to a «Reuters» report citing unnamed sources. The majority were focused on Hong Kong-based bankers working on China deals. The cuts include Winnie Ng, head of Hong Kong coverage and co-head of APAC real estate, gaming and lodging, as well as Jessica Li, head of Asia healthcare.
The job cuts occur in the midst of a continued downturn in dealmaking as well as equity performance in Hong Kong and China.
