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BofA plans job cuts at global markets unit in Asia

Bank of America is planning to reduce around 40 jobs at its global markets unit in Asia, in the wake of decling economic growth in the region due to widening debt crisis of Europe.

An undisclosed source close to the matter was reported by the Wall Street Journal and the South China Morning Post as saying that the job cuts at the Asia unit were not part of the planned cuts under Project New BAC program.

Under the BAC project, headed by chief executive Brian Moynihan, the bank was set to axe 30,000 jobs and $5bn in annual expenses.

The US bank joins the German lender Deutsche Bank, which has been reported to have recently slashed about 85 jobs at its Japan and Hong Kong equities units.

Other global banks that have downsized their workforce in Asia in 2012 include Britain’s Royal Bank of Scotland and Australia’s investment bank Macquarie Group.

Focusing on domestic operations, Bank of America has hired over 130 small business bankers across Florida, to enable local small businesses to manage their deposit, credit and cash management requirements.

The hiring is a part of the bank’s previously announced plan to hire nearly 1,000 small business bankers in the country.