BofA Sees Job Switcher Pay Gains Drop to 4% and Co-Leads $2B Inovance IPO
Bank of America reports job switchers received only a 4% pay bump in January, down from a 14% peak in 2022, pointing to slower wage growth that could damp consumer borrowing and deposits. Meanwhile, BofA is advising Shenzhen Inovance on its up to $2 billion Hong Kong IPO alongside China International Capital Corp. and Morgan Stanley, positioning for significant fee revenue if the deal goes forward.
1. Job Switcher Pay Growth Slows
Bank of America research shows job switchers in January received 4% pay increases, less than one-third of the 14% peak in 2022 and below pre-pandemic levels. This compression in the job-change premium signals slowing wage growth that may reduce consumer borrowing, deposit growth and overall loan demand.
2. BofA Advisory Role in Inovance IPO
BofA has been selected to join China International Capital Corp. and Morgan Stanley as a global bank on Shenzhen Inovance Technology’s potential Hong Kong IPO, targeting up to $2 billion in proceeds. If finalized, the transaction could generate meaningful advisory fees and strengthen BofA’s investment banking presence in Asia’s technology and manufacturing sectors.