Bank of America fires 15 senior Asia bankers
Bank of America Corp fired at least 15 senior bankers at its investment-banking unit in Asia this week as it pares jobs globally, according to people with knowledge of the matter.
Among those let go by the Charlotte, North Carolina-based bank were three managing directors and 12 directors, the people said, asking not to be identified discussing confidential information. Bank of America also eliminated junior positions and backoffice jobs, they said without providing details on those cuts.
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 firstquarter revenue from investment banking will tumble 25 percent, 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 cohead 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 cashequities business in Asia and also cut investmentbanking jobs in the region. Mark Williams, Nomura Holdings Inc.'s head of investment banking for Asia outside Japan, is among other recent industry departures. Before it's here, it's on the Bloomberg Terminal.
Bank of America still has quite a bit of work to do before it can recover from the January selloff. The stock has rebounded nicely off of February's spike low, but more basing work will need to be done before it can take out the $14.50 area. In the near term, Bank of America is in a low-risk buy zone. If the stock can remain above the March low, the current bottoming action will continue to improve.