As part of its effort to wind down much of its entire structured products portfolio, Merrill Lynch is shedding more of its staff in that area.
Sources said that Michael Blum, who was the global head of Merrill's ABS business, has left the bank. Exact details of his departure are not available at this point.
Blums leaving is in keeping with recent departures from the firm.
According to ASR's 05/05 issue, Stewart Cutler, David Sobotka and Scott Soltas have all opted to take generous packages and will leave the investment bank by the beginning of June. Sobotka heads up the bank's fixed-income group while Soltas is global head of the firm's mortgage business. Cutler, who is a managing director at the firm's ABCP group, will be replaced by Robert Little, who has been with Merrill Lynch for more than 25 years and who will now oversee all aspects of the bank's global money markets business.