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January 24, 2024

Bank of America slashes Hong Kong team amid tough market conditions.

Bank of America has reduced its investment banking team in Hong Kong, laying off senior staff including Winnie Ng and Jessica Li. The move comes as a response to declining revenue and challenging market conditions in the region. Other major banks, such as Morgan Stanley and JPMorgan, have also downsized their workforce in Hong Kong. Bank of America has a market capitalization of $258.66 billion and a price-to-earnings ratio of 10.57, indicating that the stock may be reasonably valued. The company has a dividend track record of 10 consecutive years of increases and 53 consecutive years of dividend payments. Analysts predict the bank will be profitable this year.