Bank of America and Citigroup have cut a handful of investment banking jobs in Asia, people familiar with the matter told Reuters.HONG KONG – Bank of America and Citigroup have cut a handful of investment banking jobs in Asia, people familiar with the matter told Reuters, joining global peers in trimming headcount as a result of a slowdown in China dealmaking.
David Lam, a managing director in BofA's Greater China equity capital markets team, is among the bankers that were laid off, said the two people. Lam also confirmed his departure when contacted by Reuters. The Wall Street bank is laying off less than one per cent of its workforce globally, Reuters reported on Thursday, citing people familiar with the matter.
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