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Investing.com -- Bank of America has reportedly let go of 16 bankers in Hong Kong, as part of a wider global reduction of its investment banking personnel, according to Reuters, citing two sources familiar with the matter. The sources, who requested anonymity due to not being authorized to speak to the press, stated that the cuts primarily affected junior dealmakers.
The U.S. banking giant declined to comment on the matter. This move is part of a broader strategy to eliminate 150 junior banker positions in the bank’s global investment division, as reported by two sources earlier this week. This trend mirrors similar actions taken by competitors such as JPMorgan and Goldman Sachs.
In the first half of this year, deal volumes in Bank of America’s domestic market in the United States have not met expectations. On the other hand, Hong Kong has recently experienced a resurgence in its initial public offering (IPO) and additional share sale markets. Notable transactions include the primary share sale by electric vehicle manufacturer BYD (SZ:002594) and the IPO of beverage company Mixue Group.
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