Bank of America to close investment banking unit

Bank of America will shut its Asian investment banking operation in the next 60 days.

Bank of America has decided to shut its Asian investment banking operation within the next four to six weeks. The decision will affect some 55 professionals in the bank's Hong Kong, Singapore and Bombay offices.

Investment banking at Bank of America encompasses MA, equity raising and general corporate advisory. Over recent years, the bank has had a hard time over winning the big ticket deals that such a business requires. The firm has no real research capabilities in the region and -- apart from in India -- was having little success securing mandates.

According to Bank of America, Asia president Colm McCarthy in Singapore, the investment banking business at the...

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