Bank of America is considering a move out of its Canary Wharf headquarters to relocate staff into Merrill Lynch's office complex by St Paul's Cathedral, demonstrating the importance of the investment bank to its European operations since the rushed acquisition last year.

Bank of America Merrill Lynch, which occupies around 300,000 sq ft at 5 Canada Square in Canary Wharf, is looking at leaving Canary Wharf by 2012 and is planning to gradually relocate its staff to the Merrill Lynch HQ in the City of London, according to a report in Property Week.