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Prisoner exchange

25 April 2012 By Peter Thal Larsen

The U.S. group has poached old-school investment banker Alex Wilmot-Sitwell from UBS, just after bold dealmaker Andrea Orcel went the other way. As the Swiss lender shakes up its culture, BofA is also reshaping Merrill. The moves are emblematic of firms adapting to a new reality.

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