Ed Brown, chief executive and president of Banc of America Securities, the corporate and investment banking division of Bank of America, is retiring just one month after losing chairmanship of the business.

In February as part of a reorganisation following BoA's $47bn acquisition of FleetBoston, Brown saw his role of chairman and chief executive separated. He continued as chief executive and president, while Carter McClelland became chairman and remained head of corporate and investment banking. Jon Sandelman, head of equities, was promoted to a broader role as head of debt and equities.