NEW YORK – Bank of America will lay off 20 senior investment bankers in Asia due to slowing activity in the region, a person familiar with the matter said on Monday (Sep 26).
Goldman Sachs is also cutting staff in the Asian region due to a slump in deal-making according to published reports on Monday.
Bank of America employees affected by the layoffs work in Singapore, Japan and Hong Kong, a person familiar with the move told AFP. The plans are still being finalised, including the exact number of workers affected.
Bank of America also cut about 150 investment bankers in the region in March.
Goldman plans to lay off more than 25 per cent of 300 investment bankers in the region, according to a Wall Street Journal report.
Goldman staff will be cut in Hong Kong and Singapore, but workers in Japan will be spared, the report said.
Officials with Bank of America and Goldman Sachs declined comment.
Besides more sluggish business conditions in Asia, large western banks are facing tougher competition from local banks in Asia. Earlier this year, Swiss bank UBS also cut staff in Asia.