Bank of America's plans to expand its European fixed income business have suffered a setback after William Cumming, a senior asset-backed debt banker who was one of a dozen new hires at the US bank this month, changed his mind and decided to stay at Citigroup.

Bank of America said on May 7 that it had appointed Cumming to a new role as head of European asset-backed and mortgage-backed securities finance and origination, reporting to Arrington Mixon, head of international debt capital markets, and George Ellison, global head of asset securitisation in the US.