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As Bank of America cuts in Hong Kong, it's not the only one exposed

Bank of America has been cutting senior bankers in Hong Kong. Bloomberg reported yesterday that the bank has let go of a number of senior dealmakers in the city, including its head of Southeast Asian ECM, Sunil Khaitan, who joined from Deutsche Bank in 2018.

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The cuts came just days before the bank was due to announce bonuses and followed BofA's emphasis on natural attrition rather than job cuts to slim numbers whilst things were tough.

 

However, data from market intelligence provider Dealogic indicates why natural turnover wasn't enough. BofA’s Hong Kong investment banking revenues were down nearly three-quarters in 2023 versus 2022, more than another bank. 

Bank of America isn't the only bank to have cut headcount in Hong Kong in the past year. Morgan Stanley cut a big chunk of its investment banking team in the city, possibly up to 7%. JPMorgan cut too, with investment bankers the main target.

Is anyone safe in the city? HSBC definitely at least doubled its investment banking revenue in the city, going from less than $6m to $14m. Makes sense that it was Hong Kong’s ideal employer, as per our latest report. 

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AUTHORZeno Toulon

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