BofA to Ask About 40 Bankers in Asia to Find Jobs in Other Units
- BofA pushes redeployment to avoid Asia job cuts, person says
- About half of the 40 bankers affected are China-focused
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Bank of America Corp. plans to ask about 40 bankers in Asia to look for jobs in other divisions as it looks to manage the industry-wide decline in dealmaking while trying to avoid headcount reduction, a person familiar with the matter said.
About half of these client-facing roles are based out of Hong Kong with a focus on China, and the majority of the affected employees are in junior positions, the person said, asking not to be identified because the matter is confidential. A few positions in global markets may also be affected, the person said.