Bank of America Merrill Lynch has asked around 32 employees at its wealth management unit in India to leave as the stock market slowdown worsens and the economy continues to be sluggish, according to the Economic Times (of India).

The report cited a bank official as the source but did not identify the person by name.

The report said BoA Merrill Lynch is the biggest wealth management unit in India, employing about 160 wealth advisors.

The affected employees include some advisors and support staff. "We have resized our wealth management business to be in tune with the current market environment," a Merrill spokesperson was quoted as saying.