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Bank Of America Said To Cut Asian Investment Banking Jobs

Bank Of America Said To Cut Asian Investment Banking Jobs

If global M&A activity is any indication of the worldwide economy, then it should be concerning that a major global bank just slashed investment banking jobs in Asia.

According to Reuters, Bank of America Corp (NYSE: BAC) is set to eliminate around two dozen investment banking jobs in Asia. Among those who will be let go are some of the top deal-makers in the region.

Reuters, citing its sources, noted that the job cuts will occur at the bank's biggest centers in Asia, including Hong Kong, Singapore and Japan. The source did, however, suggest that the job cuts are part of the bank's annual cost trimming initiatives.

Related Link: Bank Of America's Merrill Lynch Hit With SEC Charges Related To Mini Flash-Crashes

However, there may be reason to doubt this claim, considering Goldman Sachs Group Inc (NYSE: GS) said last week it will eliminate almost 30 percent of its investment banking team in Asia (outside of Japan), which consists of around 300 workers. Similarly, Barclays PLC (ADR) (NYSE: BCS) said in January it will lower its investment banking headcount by around 1,000 worldwide, the bulk of which will be concentrated in Asia.

On the other hand, Bank of America's CEO Brian Moynihan did set an expense target of $53 billion for 2018, $3.3 billion less than its total expenses over the past four quarters.

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