LONDON, March 11 (Reuters) - Credit Suisse has hired Mark Echlin, a top Merrill Lynch adviser to industrial clients, in the latest in a string of senior defections from Merrill since it was acquired by Bank of America Corp (BAC.N).
Echlin’s departure from Merrill comes days after that of Mark Aedy, recently named the combined group’s regional head of investment banking. Echlin’s appointment was announced in a memo to Credit Suisse CSGN.VX staff that was seen by Reuters. Echlin had been Merrill’s head of industrials for Europe, Middle East and Africa (EMEA), the memo said, advising on deals such as BHP Billiton’s BLT.L (BHP.AX) unsolicited offer for Rio Tinto (RIO.L) (RIO.AX) and RUSAL’s purchase of a stake in Norilsk Nickel [NKELN.UL].
Previously a co-head of Morgan Stanley’s basic materials group, Echlin joined Merrill in 2007.
At Credit Suisse he will oversee seven groups covering: capital goods; aerospace and defence; business services; metals and mining; paper and packaging; transport and logistics; and building products and materials.
Separately, a Merrill Lynch memo seen by Reuters said Aedy had left the bank to pursue “other career and personal opportunities”.
In November he had been named as the head of corporate and investment banking for EMEA for the combined Bank of America and Merrill Lynch.
The acquisition of Merrill, which lost $15.84 billion in the fourth quarter, has helped spark a government bailout of its acquirer, shareholder lawsuits, and a probe of bonuses by New York State Attorney General Andrew Cuomo. (Additional reporting by Olesya Dmitracova, editing by Will Waterman)