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.