The head of syndicated loans for Europe and Asia Pacific at Bank of America in London has left this week amid moves to close parts of BofA's European investment banking operations to rein in costs following a slump in full-year profits.

Charles Pelham, who joined the bank in 2002 from running loan distribution in Europe and Asia-Pacific at JP Morgan, is one of the most high-profile of recent departures from the bank. Sources close to Pelham confirmed the departure.

Duncan Kerr

Bank of America

JP Morgan

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Head of loan syndicate leaves BofA

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