Bank of America Closes Units

The president of Banc of America Securities, Yaz Auichi, said that a presence in the areas 'didn't make sense. The business wasn't there.'

Auichi confirmed that he was hoping to find alternative employment for the 12 Asian equity derivative staff effected, but that they would be let go if he was unsuccessful.

Nick Waltner, the managing director and head of equity financial products in Tokyo, recently left to set up his own hedge fund. Fumio Nashiro, the head of equity financial products, has also left the bank and has now joined Bear Stearns in Japan.