Bank of America fires at least 15 senior bankers in Asia

by Jeff Springer March 11, 2016, 10:18 am 449 Views

Bank of America has given the pink slip to at least 15 senior bankers at its investment-banking unit in Asia.

Sources close to the bank told Bloomberg that among those let go were three managing directors and 12 directors.

Bank of America also eliminated junior positions and back-office jobs, they said without providing details on those cuts, Bloomberg says.

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.

Most of the banks recent cuts have been focused on Hong Kong, along with reductions in Singapore and Australia.

Investment banks around the world are cutting jobs. Citigroup this week forecast a 25% tumble in its first-quarter revenue. Deutsche Bank AG on Friday said it was cutting bonuses.

Written by Jeff Springer

Jeff Spring is the Finance & Markets Editor at BusinessPundit.com. He's currently spending his days backpacking across Europe. While he may be living outside of the United States, he stays connected to American financial markets and M&A's more than is probably healthy for any single person. His love of a good book and a Bloomberg terminal can't be understated.