Bank of America fires 15 Senior Asia Bankers

Posted on:12 Mar 2016 11:37:10

Bank of America fires 15 Senior Asia Bankers
12 March 2016 Current Affairs GK: Bank of America has fired at least 15 senior bankers at its investment-banking unit in Asia. As it pares jobs globally, according to people with knowledge of the matter.Wang Bing, a managing director in the China investment-banking business, and Patrick Steinemann, co-head of Asia industrials banking, are among executives leaving the bank, the people said. Most of the cuts came in Hong Kong, along with reductions in Singapore and Australia, the people said. Andrew Brown, a managing director responsible for coverage of top clients, also left, they said. Investment banks worldwide have been cutting jobs in recent months as stock-market turmoil and a slowing Chinese economy put the brakes on dealmaking and trading.Citigroup Inc. this week forecast first-quarter revenue from investment banking will tumble 25 per cent, and Deutsche Bank AG on Friday announced steep cuts in bonuses.Paul Scanlon, a spokesman for Bank of America, declined to comment.Wang rejoined Bank of America in 2009 as head of China corporate finance following a brief hiatus, after having worked there from 2004 to 2008. He was promoted to co-head of China investment banking in 2011 and ceded that position in late 2014. Steinemann, who joined Merrill Lynch & Co about a decade before its acquisition by Bank of America, was named co-head of Asia industrials investment banking in June 2012.Barclays Plc earlier this year exited its cash-equities business in Asia and also cut investment-banking jobs in the region. Mark Williams, Nomura Holdings Inc.'s head of investment banking for Asia outside Japan, is among other recent industry departures.

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