Bank of America has announced the layoff of around 20 bankers in Asia due to falling markets in China and Hong Kong.

The majority of the affected bankers are based in Hong Kong and work on transactions in China.

The bank became the first major international bank to reduce the size of its regional investment banking division in 2024.

The layoffs coincide with the lowest point in years reached by stock markets in China and Hong Kong, negatively impacting investment banks’ ability to close deals.