Bank of America Said to Plan Reducing About 40 Jobs in Asia
Bank of America Corp. plans to cut about 40 jobs at its global markets unit in Asia, a person with knowledge of the matter said.
The reductions aren’t part of the Project New BAC program announced last year to pare expenses, according to the person, who asked not to be identified because the matter is confidential and declined to provide additional details. Shirley Wong, a Hong Kong-based spokeswoman for the Charlotte, North Carolina-based bank, declined to comment.
Chief Executive Officer Brian T. Moynihan is seeking to pare $8 billion in annual expenses by 2015 under the efficiency plan dubbed Project New BAC, which will include cutting 30,000 jobs from retail and back-office operations. The global markets unit includes equities, fixed-income, currencies and commodities sales and trading.
The proposed job cuts in Asia were reported earlier today by the Wall Street Journal and the South China Morning Post, citing people that the newspapers didn’t identify.
Bank of America joins global banks in cutting jobs in Asia as Europe’s widening debt crisis curbs economic growth in the region.
Deutsche Bank AG, Germany’s biggest lender, is eliminating about 85 jobs at its Japan and Hong Kong equities units, three people with knowledge of the matter said on Sept. 5.
Royal Bank of Scotland Group Plc, Britain’s biggest state- owned lender, said in March that it will shut its cash equities, equity capital markets and corporate finance units in Korea, as well as cash equities operations in Indonesia and Singapore. About 70 people will be affected.
The U.K. lender will eliminate 3,800 jobs at its investment banking unit by the fourth quarter of next year, compared with an earlier target of 3,500, according to slides based on a presentation delivered by John Hourican, chief of markets and international banking, to analysts on Sept. 24.
Macquarie Group Ltd. (MQG), Australia’s biggest investment bank, cut about 20 people, or 10 percent of its investment banking workforce in Asia outside of Australia, two people with knowledge of the departures said on Feb. 14.
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