Bank of America Hit By More Merrill Defections


The destruction of the senior ranks of Merrill Lynch picked up pace again today with the news that Eric Heaton, who was the Treasuer of Merrill, has been poached by Deutsche Bank. Heaton was said to have been the primarily relationship guy with Bank of America, and was instrumental in the arrangement of the merger.

Heaton’s two brothers are also leaving Bank of America for Deutsche Bank. David Heaton, who was global co-head of asset management investment banking, and Seth Heaton, a top investment banker, were part of the team of 12 that defected.

These would the latest in a series of departures of senior executives. Greg Fleming and Bob McCann left shortly after the merger was finalised. John Thain resigned more recently.

More high level departures may still come. We understand that Nelson Chai, who was the chief financial officer of Merrill Lynch, has informed Bank of America executives that he wants to leave the bank.