Bank of America Corp. cut more than 20 investment-banking jobs in Hong Kong Tuesday as dealmaking in China grinds to a halt, people familiar with the matter said.A handful of managing directors were let go in the latest round of cuts, including equity capital markets banker Sunil Khaitan and Winnie Ng, who covers Hong Kong and is co-head of Asia real estate, gaming and lodging, the people said, asking not to be identified discussing private matters. Khaitan declined to comment, while Ng didn’t respond to requests seeking comment.
Global banks have been cutting China-focused bank jobs for more than a year as deals slow amid persistent geopolitical and growth concerns. China stocks tumbled to a five-year low Monday, battered by a deepening housing slump and deflationary pressures.
New York-based Bank of America asked about 40 bankers in Asia to seek jobs in other divisions last year as it sought to manage the industry-wide decline while trying to avoid headcount reduction, a person familiar with the matter said at the time.
A Bank of America spokesperson in Hong Kong declined to comment. The cuts were reported earlier by Reuters.
Source: https://www.bloomberg.com/