Shankar joins CLSA as BofA stops investment banking

Viswanthan Shankar, outgoing head of Bank of America''s Asian investment banking unit, talks about BofA''s decision to close and his decision to join CLSA.

FinanceAsia So what is the status of Bank of America's investment banking business in Asia

Shankar We are disengaging from MA advisory and equity related investment banking. We will continue to stay in debt-related investment banking -- syndicated loans, project finance and fixed income. That's the status.

Why was it decided to stop MA and equity investment banking

It was due to the strategic imperatives of the bank. They were looking to cut their global expenses and have decided to focus on a few things internationally, and at this point in time they felt that MA advisory and equity was not core.

It seems that when things get tough for...

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