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Bank of America cuts Hong Kong investment banking team amid market challenges

EditorLina Guerrero
Published 01/23/2024, 07:33 PM
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BAC
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HONG KONG - Bank of America has downsized its investment banking division in Hong Kong, parting ways with senior staff including Winnie Ng and Jessica Li. This move comes amidst a substantial decline in revenue and tough market conditions that have affected the banking industry in the region.

The layoffs at Bank of America align with a broader trend among financial institutions in Hong Kong. Other major banks, such as Morgan Stanley and JPMorgan, have also reduced their workforce in response to the challenging environment.

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This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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