Crisis-ridden global investment bank Merrill Lynch, which is being acquired by Bank of America, has hired six investment bankers from another troubled US financial major Lehman Brothers for its Asia operations.
Merrill Lynch will hire James Chapman as director and head of its Asia Power Investment Banking along with a five-member team, who were working previously with Lehman Brothers, according to an internal memo of the global major.
At Lehman Brothers Chapman was responsible for supporting the sourcing and execution of interest rate, foreign exchange and commodities hedging and other risk management solutions across power sector clients.
Along with Chapman other members joining Merrill Lynch include Anoop Chaudhry who would join as a vice-president, a position he also held at Lehman Brothers.
While Ken Ng, who would also joined as a vice-president, has previously worked with Sumitomo Mitsui Banking Corp and Deutsche Bank in addition to Lehman Brothers. Raymond Yu and Robert Smith join as associates, while Brian Kelly joins as an analyst.
Besides, Michael Halloran would be joining Merrill Lynch as managing director and head of Pacific Rim FICC (Fixed income, interest rate, currency and commodities) and would be based in Tokyo.
In this role, Michael would oversee all aspects of the firm's fixed income, interest rates, currencies and commodities businesses in the Pacific Rim.
Michael joins from another financial services major UBS where he was most recently head of Fixed Income in the Asia Pacific and a member of the UBS Investment Bank board, based in Tokyo.