BAML prime brokerage in personnel shake up 18 November 2011London Reporter: Anna Reitman
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Several redundancies have been reported at Bank of America Merrill Lynch's (BAML) prime brokerage division as part of an overall review.
SLT has confirmed media reports that among those let go was Dom Addeo, director, Americas head of Prime Brokerage Client Integration. In addition, directors Andrew Neese, Paul Morelli, Bob McDonough and Steve Doran; Tony Rosasco, vice president; and Paul Bacanovic.
A source familiar with the situation said the shake up is not targeted at its prime brokerage division and the firm will continue to ensure that the business is aligned with client needs. No particular regional considerations were made in the "small numbers" of redundancies announced.
BAML has made a number of strategic hires at the prime brokerage division, including Stu Hendel as the global head, Peter Klein as global head of FX prime brokerage and Charlotte Burkeman as co-head of EMEA brokerage, among others.
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