History lesson

6 April 2009 By Antony Currie Follow @AntonyMCurrie

The bank’s beset by merger strife, losing star talent with more to come and in hock to the US government. The good news is that previous messy mergers, like CSFBDLJ and JPMorganChase, found their feet. But it took a while, destroyed value and their architects had to go.

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Merrill Lynch continues to lose senior bankers, analysts and executives. Chief investment strategist Richard Bernstein and David Rosenberg, the chief North American economist, are among the latest to leave since the Bank of America took over the Wall Street firm.

Chief executive John Thain, president Greg Fleming, head of firm strategy Peter Kraus and Bob McCann, head of wealth management, all left just before or after the deal closed at the start of January. Head of Europe Bob Wigley left soon after the merger was announced in September.

Among the bankers who have left are: Mark Aedy, head of European investment banking, George Ackert, head of transportation and infrastructure, Brent Clapacs, EMEA head of markets, Thomas Davidson, head of largecap pharma, Mark Echlin, head of industrials, Stuart Graham (and his team), head of European banks research, Jonathan Grundy, global head of energy and power, Eric Heaton, treasurer, Marc Pandraud (and his team), head of France IB, Andrea Pellegrini, head of Italy, Dmitri Rozanov, head of Russian M&A, Jean TardyJoubert, head of European tech and Woody Young, global head of TMT.

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