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Bank of America (BofA), which is shrinking its investment
banking business globally, did away with around half a dozen
Hong Kong-based jobs on Thursday, two people familiar with
matter said.
David Lam, a managing director in BofA's Greater China equity
capital markets team, was among those laid off, they said. Lam
confirmed his departure when contacted by Reuters.
Citi on Thursday trimmed four jobs from its China investment
banking team, said one of the two people and a separate person.
The Wall Street bank is laying off less than 1% of its workforce
globally, people familiar with the matter have said.
BofA and Citi both declined to comment on layoffs involving
investment bankers in Asia. All sources were not authorised to
speak to media and declined to be named.
The number of the banks' remaining China-focused investment
bankers could not immediately be learned.
After record dealmaking activity in 2021, M&A volumes and stock
floats globally tumbled last year as volatility in capital
markets and geopolitical tensions took their toll.
China-related deals were particularly hard hit as harsh COVID-19
curbs, lifted only late in the year, hammered the economy.
Other major banks that have trimmed Asia headcount include
Goldman Sachs and Morgan Stanley.
JPMorgan has also cut around 20 investment banking jobs, mostly
mid-level bankers focused on China deals, according to two
separate sources. Bloomberg reported on Feb. 21 that the bank
was laying off 30 bankers in Asia.
"We regularly review our business needs and a small number of
employees across Asia Pacific have been affected," a JPMorgan
spokesperson said, declining to comment on the number of layoffs
and teams affected.
Nomura Holdings Inc has cut 18 Asian banking jobs, most of them
China-focused investment banking roles, sources have said.
(Reporting by Selena Li, Kane Wu and Julie Zhu; Editing by
Sumeet Chatterjee and Edwina Gibbs)
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