Bank of America has laid off 16 bankers in Hong Kong as part of global cuts to its investment banking workforce, two sources with knowledge of the matter told Reuters on Friday.

Reuters reported Bank of America, the nation's second-largest bank, has been streamlining its investment banking workforce globally. The reduction, an annual exercise, comes weeks after Bank of America let go of staff in its investment banking and global markets divisions globally as part of an annual performance review process.

European Union leaders have announced a 4.7 billion euro ($5.1 billion) investment package in South Africa to support green energy transition and vaccine production at their first bilateral summit in seven years.

European Commission President Ursula von der Leyen on Thursday announced a new 4.7 billion euro ($5.10 billion) investment package for South Africa on a visit to the country. Von der Leyen said the Global Gateway investment package was to support a just energy transition,

European Union leaders announced a 4.7 billion euro ($5.10 billion) investment package during a visit to South Africa on Thursday, at a time when both are on worse terms with the United States than they have been for decades.