Bank of America Merrill Lynch has effected several redundancies in its prime brokerage division as part of a periodic review across the group aimed at capturing growth opportunities, a source with knowledge of the matter has confirmed to Global Custodian.
The news was initially reported Thursday in HFMWeek.
Dom Addeo, director and Americas head of Prime Brokerage Client Integration, is among those who have been let go, along with directors Andrew Neese, Paul Morelli, Bob McDonough and Steve Doran, vice president Tony Rosasco and Paul Bacanovic.
The redundancies are part of a reorganization of the prime brokerage business and does not represent the firms intention to exit prime brokerage or any other business line. The positions affected will not be replaced but instead those responsibilities will be shared across the existing team, HFMWeek reports and Global Custodians source confirms.
The reorganization follows key appointments to prime brokerage recently, including Stu Hendel as the new global head and Michael Terry.
(JDC)