Bank of America cuts 16 investment bankers in Hong Kong in global trim, sources say

By Kane Wu and Selena Li

HONG KONG (Reuters) -Bank of America has cut 16 bankers from its investment banking department in Hong Kong as part of global cuts to its dealmaking workforce, three sources with knowledge of the matter told Reuters on Friday.

The reductions mainly targeted junior positions, said the sources, who asked not to be named as they were not authorised to speak to media.

Most junior bankers were offered positions in other departments within Bank of America, one of the sources said, but it was unclear how many of them had accepted the proposal.

Bank of America declined to comment. 

The U.S. lender is eliminating 150 junior banker positions in its investment bank globally, two sources told Reuters earlier this week, mirroring similar exercises at rivals JPMorgan and Goldman Sachs.

Deal volumes in Bank of America’s home market in the United States have fallen below expectations in the first half of the year.

Hong Kong, meanwhile, has seen revived activity in its initial public offering and additional share sale markets in recent weeks.

That has included sizeable deals such as electric vehicle maker BYD (SZ:002594)’s primary share sale and drinks brand Mixue Group’s initial public offering.

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