HONG KONG: Bank of America on Tuesday announced job cuts of around 20 bankers in Asia, three sources with knowledge of the matter said, as plunging markets in China and Hong Kong weighed on deal prospects.

The majority of the bankers affected are Hong Kong-based and worked on China deals, two of the sources and a fourth person with knowledge of the matter said.

Some cuts were also made in other Asian markets, the sources said, without providing further details.

The US bank has become the first large global bank to downsize its regional investment banking operation in 2024, after a wave of layoffs across the industry in 2023 as a weaker China recovery and rising geopolitical tensions drove away foreign investors.