Merrill Lynch has laid off Phil Gorrubbo, a director of investment-grade fixed-income sales in its Atlanta office. Gorrubbo had been at Merrill for nearly a decade, according to firm insiders, who believe he is the only investment-grade salesman laid off by Merrill in the recent round of cuts. One investment-grade salesman at another firm says that since the asset class had a record year last year, it has typically seen fewer layoffs than in other areas such as high-yield that turned in a relatively weak performance.
Though Merrill did cut a co-head of investment-grade research (BW, 1/14), losses have been far more severe in the high-yield group (BW, 12/17). It could not be determined why Gorrubbo specifically was cut. His client list included Credit Suisse Asset Management in New York. Frank Corcoran, Merrill's head of investment-grade sales, declined comment. Gorrubbo could not be reached, and while an investment-grade official at Merrill believes he is close to finding a new position at another firm, he would not be more specific.