Banc of America Securities (BoA), the UK investment banking subsidiary of Bank of America, has merged its high grade and high yield credit sales, trading and research operations.

The reshuffle follows Bank of America's decision in September to merge the divisions in reaction to this year's trend of declining credit quality in Europe. Brian Heyworth will run the bank's global sales for Europe, the Middle East and Africa (Emea), while John Brewer will head trading.