Bank of America said it will centralize its ABS platform in the U.S. The
decision was made to ensure that the businesses are focused on the clients and their needs, and are sized properly in view of market conditions to present a stronger platform for future growth, said Melissa Kitlowski, a spokeswoman for the bank. Last week the bank said it would be eliminating 650 positions within its global markets and investments division. While the bank would not break out that number by line of business, city or product area, the EMEA ABS origination team has been affected by the changes, Kitlowski said. There were no changes made to the London-based real estate structured finance team or to the London-based ABS trading and syndication groups, she said.