Bank of America’s Japanese brokerage unit plans to reduce office space in Tokyo to cut expenses, people with knowledge of the matter said.
Bloomberg News reports that Merrill Lynch Japan Securities, 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.
Merrill Lynch Japan will vacate the 12th floor, which houses its investment-banking division, and transfer employees to other levels, the people said. The company currently occupies the sixth and eighth to 12th floors.
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