HONG KONG (Reuters) – Bank of America’s head of South Korea investment banking Peter Kim is leaving the bank, IFR reported, citing people with knowledge of the matter, as part of the U.S. bank’s move to cut some investment banking jobs in Asia.
Ben Stewart, senior manager of debt capital markets and syndicate in Australia, and Niraan De Silva, head of Southeast Asia equity capital markets and head of equity-linked capital markets in Asia Pacific, are also leaving, Thomson Reuters publication IFR reported.
IFR reported last week that Guy Foster, Bank of America’s head of equity capital markets in Australia, had left.
Bank of America declined to comment.
Bank of America is set to cut about two dozen investment banking jobs in Asia, including some top dealmakers, sources told Reuters on Monday, as a slowdown in business forces western banks to cut costs.
The latest cuts in Asia come against the backdrop of a tough dealmaking environment as well as a slowdown in major economies including in China, Hong Kong and Singapore. Western banks’ business has also been eroded by local competitors.
(Reporting by Frances Yoon for IFR; Writing by Sumeet Chatterjee; Editing by Mark Potter)