Merrill to review global set-up
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.Merrill Lynch is considering a wide-ranging review of its management structure, which could ultimately lead to greater autonomy for its main regions by the creation of regional chief executives.
Senior Merrill executives are conscious that the rapid expansion in markets away from its New York base may render the traditional centralisation of management responsibility less relevant, and they are prepared to consider changes that would reflect the greater internationalisation of the business.
Any changes are unlikely to be implemented for some time but initial soundings suggest regional chief executives may be appointed in Europe, Asia and Latin America.
In Europe, there are three potential candidates; Michael Marks, Kevan Watts and Anders Bergendahl.
Mr Marks is the former chairman of Smith New Court, which Merrill acquired last year. He is co-head of Merrill Lynch's Global Equities Group and the only non-US based member of the firm's executive management committee in New York. Mr Bergendahl is co-head of the firm's Global Debt Capital Markets Group. Mr Watts is head of investment banking in Europe.
The expansion of Merrill's European operations has been dramatic. Apart from the acquisition of Smith New Court, it has also built up a sizeable investment banking business.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments