Bank of America is planning to reduce its investment banking jobs in Asia, which may include some top positions. In all there will be about two dozen jobs involved, according to news reports. Some bankers handling client coverage and deals will be made redundant, with cuts expected in Hong Kong, Singapore and Japan, according to the reports. The latest cuts in Asia come against the backdrop of a tough deal making environment as well as a slowdown in major economies including in China, Hong Kong and Singapore. Earlier, Goldman Sachs had announced similar cuts in investment banking jobs in Asia. Several other western banks have announced plans to scale down their operations in Asia in the past year.
