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 M&A 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 M&A and equity investment banking?It was due to the strategic imperatives of the bank. They were looking to cut their global expenses and have d…
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