US bank redeploys 40 staff in Asia as China trade stalls

Bank of America has informed employees in its Asia Pacific markets that they will have to seek new jobs in other divisions or geographies within the company.

Accordingly, those who cannot find another role internally within a few months will face redundancy.

A Bank of America sign is pictured in the Manhattan borough of New York on August 21, 2014. (Photo: Reuters).

Most of the affected bank employees work in junior positions and in China's equity capital markets, while a small number of bank employees work in banking and markets.

The slowdown in China and the sluggish outlook have forced the US bank, which employs about 217,000 people worldwide, to cut back on its operations in the sector, leading to a global headcount reduction.

“Bank of America expects its global headcount to fall to 213,000 by the end of June,” CEO Brian Moynihan said.

Besides, he also affirmed that the bank will "not lay off people" but will redeploy employees who have to change careers or jobs.

Nguyen Lieu (According to: Reuters)

Source: https://www.congluan.vn/ngan-hang-my-bo-tri-lai-40-nhan-vien-o-chau-a-khi-giao-dich-voi-trung-quoc-bi-dinh-tre-post249173.html