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...