Bank of America to hire 50 bankers for Asia investment banking segment

One-third of the new hires will be senior bankers for M&A and capital markets.

Bank of America will recruit about 50 bankers for its investment banking business in Asia this year, reports Reuters.

One-third of the new hires will be senior bankers, including managing directors for the bank’s mergers and acquisitions (M&A) advisory and capital markets segments primarily in Hong Kong, Singapore and Australia.

This comes after the bank encountered struggles with its failing market share and revenue, and the departures of senior leaders in the US and Asia.

The recruitment outlook for the broader investment banking business has been subdued as well due to cost pressures and slowing M&A momentum.

Here's more from Reuters.