BofA Merrill Lynch Said to Pare Tokyo Office Space to Cut Costs
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Investment bank will vacate 12th floor of Nihonbashi building
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Foreign brokerages have been reducing staff numbers in Japan
Bank of America Corp.’s Japanese brokerage unit plans to reduce office space in Tokyo to cut expenses, people with knowledge of the matter said.
Merrill Lynch Japan Securities Co., which rents six floors of the Nihonbashi 1-chome Mitsui Building, will vacate one level later this year, said the people, who asked not to be identified because the information is private.
Investment banks are reducing costs globally, with Credit Suisse Group AG on Wednesday saying it will eliminate an additional 2,000 jobs this year. In Japan, major foreign brokerages shed more than 400 positions in the two years to March 2015 and Merrill Lynch Japan cut more than 70, according to regulatory filings compiled by Bloomberg…
BofA Merrill Lynch Said to Pare Tokyo Office Space to Cut Costs
