Bank of America cuts Hong Kong investment banking team amid market challenges By Investing.com

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HONG KONG – Bank of America has downsized its investment banking division in Hong Kong, parting ways with senior staff including Winnie Ng and Jessica Li. This move comes amidst a substantial decline in revenue and tough market conditions that have affected the banking industry in the region.

The layoffs at Bank of America align with a broader trend among financial institutions in Hong Kong. Other major banks, such as Morgan Stanley and JPMorgan, have also reduced their workforce in response to the challenging environment.

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