Merrill Lynch Loses Senior Utilities and Broking Bankers

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Byline: Janine Brewis

Martin Falkner, co-head of Merrill Lynch's energy and power group, and Stephen Robinson, co-head of corporate broking, are set to leave the US bank.A source close to the bank confirmed the departures. Falkner's fellow energy and power co-head was Chris Baxter, who remains with the bank. Robinson was one of three co-heads of corporate broking at Merrill, alongside Paul Baker and Rupert Hume-Kendall.

Early last year Merrill incorporated its corporate broking team into its equity capital markets division, and at the same time Hume-Kendall moved from being head of the general industries group in the ECM team to his current role.

The cuts are understood to come as Merrill embarks on another round of redundancies. A Merrill spokesman would not comment on the departures, although he said the bank continues to actively manage its resources.

He said: "This means that while we may reduce headcount in some areas, we are selectively hiring in others. Based on our current assessment of the environment, we believe that the bulk of staff reductions is behind us. …