Monthly Archives: September 2016

The Bank of America had announced its plans to cut about two dozen investment banking jobs in Asia. Some affected include top dealmakers in the region.

The job cut will coincide with the Goldman Sachs abandonment of several investment banking branches in Southeast Asia that amounts to 30% of its regional business.

Bankers handling coverage and deals would be made redundant this week.

The banks are facing pressure from investors as Hong Kong and other financial hubs are overtaken by Chinese Mainland banks, sweeping away the competition.

The banks have suffered consecutive losses in the last few quarters.

Meanwhile, Bank of America would post information of higher third quarter revenues in its investment banking business.

In July, Chief Executive Officer Brian Moynihan announced a new expense target of $53 billion for 2018, $3.3 billion less than its total expenses over the past four quarters.

The new target came after years of working through a sweeping cost-cutting project dubbed “New BAC” and an ongoing efficiency initiative called “Simplify and Improve.”

Besides Bank of America and Goldman, many western banks have announced plans to scale down their operations in Asia in the past year, as they grapple with slowing revenue growth and higher operating costs in the region.

A massive hole in Gatwick Airport’s main runway had delayed hundreds of flights nationwide as planes for Gatwick were diverted to other airports after the local management announced a shut-down.

Flights circled the skies for hours until they were redirected.

Passengers inside the planes said the waiting proved to be a “nightmarish” experience for many of them.

Many on-the-ground passengers said the delays had been uncontainable as a domino effect on all local flights had pushed back all flight landings for all incoming and outgoing schedules.

According to journalists, many were puzzled that the airport had shut down without mentioning the reason for the shut-down; a huge hole in the middle of the Gatwick runway.

After the announcement of closure, engineers had begun repairing the tarmac.

Airport authorities had also opened the second runway on site. This runway is only used with the main runway is unavailable.

The airport’s twitter account tweeted: “Our main runway is now open and operating and we are working hard to get you on your way.

“We would like to apologise for any inconvenience this evening. Your safety is our number 1 priority.”

A number of passengers expressed their confusion on social media after discovering their flights had been diverted to a different airport.