Southpaw: BofA’s Borthwick gets to grips with Merrill FIG

The unravelling of Merrill Lynch’s FIG group by Bank of America, even if unintended, was almost complete this week, after the departure of two of its most important bankers in London. The bank wants to strengthen its DCM business in the corporate and government bond sectors but its dominance in FIG now looks fragile, writes David Rothnie.