Bank of America reorganises Asia

Bank of America has extended the role of its Asia president Colm McCarthy to include responsibility for business in Japan as well as non-Japan Asia.

Previously the Tokyo-based country head reported directly into London where William Fall, president of Bank of America International is located. A new country head, who has yet to be appointed, will now report directly to McCarthy who will continue to be based at the bank's regional headquarters in Singapore.

This follows the departure of former country head Yasukazu Aiuchi, who left the bank in March.

"Aligning Japan with the Asian business group is a positive move," says Fall. "Colm has a trackrecord of turning businesses around, particularly in challenging environments. I have no doubt that our Japanese business will benefit under his leadership."

McCarthy has worked for Bank of America since 1979 after starting out as a wholesale banking portfolio manager in the Dublin office. He moved to Asia in 1991 and was appointed president in 2000.