Citigroup and BofA massively reduce staff in Asia
2023.03.04 13:48
Citigroup and BofA massively reduce staff in Asia
By Tiffany Smith
Budrigannews.com – Citigroup and Bank of America (NYSE:) As China’s dealmaking slows, some people who are familiar with the situation told Reuters that they have reduced some investment banking jobs in Asia. They joined their peers around the world in reducing headcount.
(NYSE:) Bank of America Two people with knowledge of the situation stated that BofA, which is reducing its investment banking business globally, eliminated approximately half a dozen Hong Kong-based positions on Thursday.
They stated that among those laid off were managing directors David Lam and managing director Kevin Yang from BofA’s Greater China equity capital markets team.
When Reuters contacted Lam, he confirmed his departure. On Saturday, Kevin Yang could not be reached for comment.
According to one of the two individuals and a separate individual, Citi cut four jobs from its China investment banking team on Thursday. According to people with knowledge of the situation, the Wall Street bank is cutting less than one percent of its workforce globally.
When asked about layoffs involving investment bankers in Asia, BofA and Citi both declined to comment. All sources declined to be identified because they were not authorized to speak with the media.
It was not immediately possible to determine the number of investment bankers at the banks who are still focused on China.
After record dealmaking action in 2021, M&A volumes and stock floats worldwide tumbled last year as unpredictability in capital business sectors and international pressures caused significant damage.
Due to the economic impact of severe COVID-19 restrictions, which were lifted late in the year, China-related transactions were particularly hard hit.
Goldman Sachs (NYSE:) is one of the major banks that has reduced its Asia staff. as well as Morgan Stanley (NYSE:)
JPMorgan Chase & Co. has additionally cut around 20 speculation banking position, for the most part mid-level financiers zeroed in on China bargains, as per two separate sources. On February 21, the bank laid off 30 Asian bankers, Bloomberg reported.
A JPMorgan spokesperson stated, “We regularly review our business needs, and a small number of employees across Asia Pacific have been affected,” declining to comment on the number of teams and layoffs affected.
(NYSE) Nomura Holdings According to sources, Inc. has eliminated 18 Asian banking positions, the majority of which were investment banking positions focused on China.
