Bank of America said to fire at least 15 senior bankers in Asia

Bank of America has fired at least 15 senior bankers at its investment-banking unit in Asia.
Bank of America has fired at least 15 senior bankers at its investment-banking unit in Asia. PHOTO: BLOOMBERG

HONG KONG (BLOOMBERG) - Bank of America Corp. fired at least 15 senior bankers at its investment-banking unit in Asia, including Singapore, this week as it pares jobs globally, according to people with knowledge of the matter.

Among those let go by the 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 back-office 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 first-quarter revenue from investment banking will tumble 25 per cent, and Deutsche Bank AG on Friday announced steep cuts in bonuses.

Paul Scanlon, a spokesman for Bank of America, declined to comment.