Bank of America redeploys 40 Asia bankers as China dealmaking lags. A source familiar with the matter said Bank of America Corp (BAC.N) had advised approximately 40 Asian bankers to search for new employment as it cuts expenses globally and slows Chinese dealmaking.
The insider claimed the bank informed Asia Pacific personnel on Wednesday that they would have to find new positions in other divisions or regions.
The insider, who requested anonymity, said anyone who can’t find another employment internally within a few months would be laid go.
Most impacted bankers are junior and work in Chinese equities, but a few works in banking and markets.
The bank, which had 217,000 workers worldwide at the end of March, is looking to reduce back in this area and elsewhere due to stalled Chinese dealmaking and weak prospects, the individual added.
Bank representatives rejected the comment. Bloomberg reported the action Thursday.
During first-quarter earnings, a Bank of America executive predicted a global workforce of 213,000 by June.
At an April event, CEO Brian Moynihan stated the bank was “not laying people off” and would relocate anyone who had to change responsibilities.
The Asia-Pacific program follows one that is moving fewer than 200 wealth management and lending personnel to product specialist roles in the company’s global operations division.