Bank of America to Cut Back in 12 Markets

Bank of America Corp., the largest U.S. bank by deposits, said it plans to exit equities and merger and acquisition advisory businesses in as many as 12 emerging markets to focus on more profitable debt operations.

The changes will affect about 100 staff and will span Singapore, Hong Kong and India in Asia as well as markets in Eastern Europe and Latin America.

In Asia, the changes affect about 55 people--out of a total of 3,000 in 12 Asian countries--with some moving to the bank’s debt side, a spokesman said.

The 55 Asian staff make up about 60% of the total Bank of America employees who will be affected by the exit from equities and merger advisory business, said Vishwavir Ahuja, managing director of Bank of America’s Indian operation.

The equities and merger and acquisition businesses accounted for only 2% of the revenue in Asia.

BofA shares fell 26 cents to close at $59.69 on the NYSE.