Bank of America Corp. Asia Pacific co-head for equity capital markets Tucker Highfield is retiring from the firm and the industry, according to people familiar with the matter.
(Bloomberg) — Bank of America Corp. Asia Pacific co-head for equity capital markets Tucker Highfield is retiring from the firm and the industry, according to people familiar with the matter.
The Hong Kong-based managing director plans to relocate to London as soon as this summer, the people said, asking not to be identified as the information is private.
Highfield joined Bank of America as co-head of ECM in 2018 from Credit Suisse Group AG, where he had been head of Asia Pacific equity syndicate. He had previously worked at Lehman Brothers, according to his LinkedIn profile.
Separately, David Lam, a managing director in ECM, is leaving the Wall Street firm. He joined in 2018 from Deutsche Bank AG, his LinkedIn shows, and became a managing director last year.
A spokesperson for Bank of America declined to comment on the departures.
Bank of America is discussing plans to cut less than 200 jobs in its investment bank globally, Bloomberg News has reported. The move goes beyond the pause in hiring the firm began earlier this year, and reflects a return to pre-pandemic levels of workforce trimming.
BofA Plans Job Cuts in Investment Bank as Wall Street Retrenches
Top investment bankers in Asia outside Japan are having their worst payouts since the financial crisis, Bloomberg News has reported. Total compensation on average at Wall Street banks including Goldman Sachs Group Inc., Morgan Stanley and Bank of America has dropped by 40% to 50% and payouts for senior MDs have fallen to between $800,000 to $1.5 million, people familiar with the matter have said.
(Updates with David Lam departure in fourth paragraph.)
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