Bank of America's Kenichi Tatsuzawa, head of global markets for Japan, and Koichi Kanaya, head of sales, both based in Tokyo, have resigned, according to Kanaya. The firm has experienced a string of difficulties in Japan. Earlier this year William Fall, global head of structured products in London and the regional head of the global markets group, told DW, "There was a false start," in establishing the credit group. BofA also closed down its equity derivatives business in Japan and Korea (DW, 3/8).
The immediate reason for the departures could not be determined. However, BofA reorganized its fixed income department earlier this year and Tatsuzawa started reporting to Fall, rather than directly to Duncan Goldie-Morrison, head of the global markets group (DW, 4/14). Rhiannedd Jones, spokeswoman in London, declined comment and Fall did not return calls by press time. Tatsuzawa could not be reached for comment.
Kanaya said, "It was difficult for Bank of America to build up the fixed-income business it wanted in Japan," but declined further comment about his reasons for leaving. He said he will take time out of the industry to ponder his next move. The duo had previously worked at Merrill Lynch together.
Officials at the firm added that Kumiko Asano, managing director of global markets in Tokyo, will likely assume Tatsuzawa's responsibilities. Asano, who joined from JPMorgan last year (DW, 10/21), referred queries to the press office.
"The loss of both key heads at BofA proves how difficult a cross-product platform is to get established in Japan," said a financial recruiter in the region.
