HONG KONG, Jan 23 Reuters Bank of America on Tuesday announced job cuts of around 20 bankers in Asia, three sources with knowledge of the matter said, as plunging markets in China and Hong Kong weighed on deal prospects.

The majority of the bankers affected are Hong Kongbased and worked on China deals, two of the sources and a fourth person with knowledge of the matter said.

Some cuts were also made in other Asian markets, the sources said, without providing further details.

The U.S. bank has become the first large global bank to downsize its regional investment banking operation in 2024, after a wave of layoffs across the industry in 2023 as a weaker China recovery and rising geopolitical tensions drove away foreign investors.

Winnie Ng, the bank39;s head of Hong Kong coverage and cohead of APAC Real Estate, Gaming and Lodging, and Jessica Li, head of Asia Healthcare, were among the senior bankers who were part of the 20 cuts, according to two of the sources.

Ng did not immediately respond to a message seeking comment. Li could not be reached for comment.

All of the sources declined to be named as the information is confidential.

A Bank of America spokesperson declined to comment

The layoffs come as China and Hong Kong39;s stock markets touched their lowest in years in recent weeks, which took its toll on deal prospects for investment banks, sources said.

The gloomy outlook contrasts with that of the U.S. market, where the Bank of America reported a pickup in…