Bank of America Announces Layoffs in Asia Amid Market Downturn

The bank becomes the first to downsize in 2024 as China and Hong Kong markets continue to struggle.

Bank of America has announced layoffs of around 20 bankers in Asia, with the majority of those affected being based in Hong Kong and working on China deals.
The layoffs come as China and Hong Kong's stock markets hit new lows in recent weeks, negatively impacting deal prospects for investment banks.
This makes Bank of America the first large global bank to downsize its regional investment banking operation in 2024, following a wave of layoffs across the industry in 2023 due to a weaker China recovery and rising geopolitical tensions.
Senior bankers Winnie Ng, head of Hong Kong coverage and co-head of APAC Real Estate, Gaming and Lodging, and Jessica Li, head of Asia Healthcare, were among those cut.
Despite the gloomy outlook in Asia, Bank of America reported a pickup in dealmaking in the U.S. market in the fourth quarter, which pushed up investment banking fees by 7 per cent to $1.1 billion.