Glenn Barnes, Merrill Lynch's London-based head of European structured credit, has left the firm, according to senior Merrill officials. Dale Lattanzio, managing director and newly appointed European head of global principal investing and structured finance, has assumed Barnes' responsibilities. One insider said Merrill decided to eliminate Barnes' position to remove a layer of management, given the relatively small size of its European operation compared to the U.S.
Barnes' departure is part of a wider reshuffling of reporting lines in the global and European, Middle East and Africa debt capital markets group under the new leadership of Harry Lengsfield, who replaced T.J. Lim as global debt capital markets coo and head of EMEA DCM. Both Barnes and Limm were part of a team of senior UBS bankers who moved to Dresdner Kleinwort Wasserstein and then Merrill. Calls to Barnes were not returned. Lengsfield could not be reached for immediate comment.
Lattanzio, who was at an offsite meeting at press time and could not be reached for comment, will be responsible for asset finance, global principal investment real estate, the principal credit group, real estate finance as well as the corporate structured finance and securitization groups and portfolio credit derivatives. For these parts of the business, he reports to Jeff Kronthal, New York-based global head of global principal investments and secured finance.
Lattanzio will also retain his responsibilities for managing high-grade and credit derivative trading for Europe, reporting to Tim Grell, head of EMEA credit. Grell declined to comment.
