TOKYO, March 15: A unit of US investment bank Merrill Lynch closed 19 branches in Japan on Friday, laying off 1,200 of 1,700 staff from its retail operations.

“We will close the branches today. It is part of our efforts to restructure our retail business,” said a spokesman for Merrill Lynch Japan Securities Co. Ltd., a wholly-owned subsidiary of the US investment bank.

Merrill Lynch started its retail business in Japan in 1998 when it took over operations from failed brokerage Yamaichi Securities Co. Ltd. and ran 28 branches nationwide.

But in January, Merrill announced it would shut down 20 outlets to consolidate its loss-making retail operations into eight branches.—AFP