Bank of America Hires HSBC’s Devalier as Japan Chief Economist

Bank of America Corp. hired Izumi Devalier from HSBC Holdings Plc as its chief economist for Japan, according to an internal memo obtained by Bloomberg.

Devalier, who worked as a Hong Kong-based economist at HSBC covering Japan and other Asian economies, will join Merrill Lynch Japan Securities Co. as head of Japan economics in September, the memo shows.

James Seddon, a Tokyo-based spokesman for Bank of America, confirmed the contents of the memo, which was circulated on Friday. Devalier, who will be based in Tokyo, is replacing Masayuki Kichikawa, who joined Sumitomo Mitsui Asset Management Co. earlier this year.

Devalier has also worked in the investment banking division of Citigroup Inc. in Japan. She studied political science at Columbia University and obtained a masters degree from Johns Hopkins University, according to the memo.

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