CHARLOTTE, N.C. Bank of America Corp. plans to close its equities and mergers and acquisitions operations in Hong Kong, Singapore and Bombay, cutting 55 jobs.
The move, reported Wednesday by both Reuters and Dow Jones, came after the bank decided the operations, built over the past three years, were contributing too little to revenues.
Colm McCarthy, president for Asia at the companys global corporate investment bank, told Dow Jones the operation accounted for just 2% of the banks overall revenues in Asia.
Some of those are expected to find jobs elsewhere in the bank, which has about 3,000 employees across Asia.
