Following its acquisition by Bank of America, Merrill Lynch has cut two top guys from its Asia-Pacific debt capital markets team: Ajay Sawhney, head of Asian leveraged finance, and Jon Pratt, head of Asia debt capital markets outside Japan and Australia.
Leveraged buyouts in the Asia-Pacific region have slowed to a trickle since the credit crisis hit. The job cuts are reportedly part of Bank of Americas larger plan to eliminate as many as 35,000 positions during the next three years to reduce annual costs by $7 billion.
Other top Merrill people to have left recently include the firm's former head of U.S. leveraged finance Greg Margolies, who joined Ares Management. He is now a senior partner and head of the capital markets group for the Los Angeles-based alternative asset manager.
Seperately, Bank of America also sold a $2.8 billion stake in China Construction Bank this month to help replenish capital.