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When staff complain, they deserve a fair hearing, not a wall of silence
Fahy will also lead asset-based finance origination
Hire comes from law firm, Mayer Brown, where he was also a partner
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After a deep round of job cuts at Bank of America early last week, it was Merrill Lynch’s turn on Friday, as the integration of the two US banks continues to take its toll on the workforce.
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David Slade, who was head of European leveraged finance as well as co-head of European credit at Credit Suisse, has taken early retirement, and also relinquished his position as chairman of the Loan Market Association.
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After a deep round of job cuts at Bank of America early last week, it was Merrill Lynch’s turn on Friday, as the integration of the two US banks continues to take its toll. Well-known faces in Merrill’s loans and leveraged finance business in London have now left as part of the wave of redundancies, while the head of loan syndications for Europe, the Middle East and Africa at BofA, Charles Bingham, has also left. Amid the job cuts, however, there is still no clarity as to who is set to take the top loans job in Europe at the combined entity, or how the division will be structured.
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After a deep round of job cuts at Bank of America early last week, it was Merrill Lynch’s turn on Friday, as the integration of the two US banks continues to take its toll. Well-known faces in Merrill’s loans and leveraged finance business in London have now left as part of the wave of redundancies, while the head of loan syndications for Europe, the Middle East and Africa at BofA, Charles Bingham, has also left. Amid the job cuts, however, there is still no clarity as to who is set to take the top loans job in Europe at the combined entity, or how the division will be structured.
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Mounting tensions between Merrill Lynch bankers and their new employers at Bank of America came to a head yesterday when John Thain, Merrill’s former chief executive, was ousted from the bank, a mere three weeks after the merger was completed.
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Mizuho this week became the latest bank to cut its Asian leveraged finance operations as it laid off three people from its origination team in Hong Kong.