Why are BofA Executives FLYING the Coop?
Highly regarded Chief Equity Strategist Masatoshi Kikuchi and four others have departed Bank of America’s (NYSE:BAC) Merrill Lynch & Co unit in Tokyo, according to Bloomberg News report.
Though no official reasons are available as of yet, the executives are thought to have left because CEO Brian Moynihan is planning to reduce expenses by $8 billion, and cut about 30,000 jobs in the retail and support segments.
The other executives who have left are Hayato Nagayoshi, quantitative strategist, Yohei Osade, head of Japan research, Shusuke Nakata, head of Japan equity sales and Takao Inoue, director of yen equity sales.
Institutional Investor magazine’s 2012 survey ranked Kikuchi as the No. 1 equity strategist. The same magazine also ranked Bank of America Merrill Lynch second for 2012 overall Japan research.
Newspaper Nikkei Veritas also ranked Kikuchi as its No. 1 equity strategist.
Shares of Bank of America ended Friday down 4.49% at $7.02 per share.