People Moves
Merrill Lynch Asia-Pacific Head To Leave - Report

Jason Brand, president of Merrill Lynch’s Asia-Pacific operations, is leaving the firm, two people familiar with the matter said, according to Bloomberg.
Merril Lynch, which is being taken over by Bank of America, will
announce the departure of Brand as early as this week, the people
said, declining to be identified. Mr Brand, who’s based in
Tokyo, is in charge of investment banking and private banking in
Asia including
Japan.
Bank of America, the third-largest
US lender, said yesterday it plans to cut as many as 35,000
positions over the next three years because of the Merrill
acquisition and a weakening economy.
Mr Brand and Hong Kong-based Merrill Lynch spokesman Rob Stewart both declined to comment.
Merrill named Mr Brand president of the Asia-Pacific region
including
Japan in 2006. Chief Executive Officer
John Thain in April named Brand to be the one of nine
deputies to serve under him on Merrill’s senior management
committee.
BoA’s $50 billion takeover of Merrill Lynch will create a wealth management operations with almost 20,000 financial advisors.