Bank of America renews its focus on European units

Bank of America is taking advantage of job cuts among its rivals to beef up its European investment banking operations.

The bank has hired around 85 staff members in the London office of Banc of America Securities, its investment-banking arm, since the start of the year, and expects to almost double that number in coming weeks.

It currently has just over 1,000 investment-banking staff in London, with a further 1000 involved in cash management and back-office support areas, a spokeswoman said.

The recruitment drive is part of a refocusing of Bank of America's international activities away from areas such as Latin America and Asia and into Europe, where its sees more opportunities.