BofA and Citi cut investment banking jobs in Asia – sources

By Selena Li and Kane Wu

HONG KONG, March 3 (Reuters) – Bank of America and Citigroup have cut a handful of investment banking jobs in Asia, several people familiar with the matter told Reuters, joining global rivals in layoffs. following a slowdown in China. negotiations.

Bank of America (BofA) cut half a dozen jobs at the Hong Kong-based investment bank on Thursday, two people familiar with the matter said, as part of the company’s global downsizing of the investment bank. bank.

David Lam, managing director of BofA’s equity capital markets team in Greater China, is one of the bankers who have been sacked, the two sources said. Lam also confirmed his departure when contacted by Reuters.

Citi cut four jobs for its investment banking team in China on Thursday, one of those two sources and another said. The Wall Street bank is laying off less than 1% of its global workforce, Reuters reported on Thursday, based on people familiar with the matter.

BofA and Citi declined to comment on investment banker layoffs in Asia. All sources declined to be cited because they were not authorized to speak to the media.

In addition to Wall Street banks, Nomura Holdings Inc has cut 18 Asian banking jobs, most of them China-focused investment banks, Reuters reported in January.

(Reporting by Selena Li and Kane Wu; Editing in Spanish by Flora Gómez)