Merrill Snags Group Of Asian Bankers From Lehman

So much for Nomura’s bonus offer to try to retain Lehman Brothers’ bankers in the Pacific Rim. It seems many are already getting cold feet and a key team has jumped ship to Merrill Lynch.

WSJ Deal Journal: Rival investment banks are taking aim at Lehman Brothers bankers in Asia who are anxious about joining Japan’s Nomura Holdings Inc. Merrill Lynch & Co. has landed the first sizeable catch: the soon-to-be arm of Bank of America Corp. is hiring away Lehman’s six-man power sector coverage team led by banker James Chapman.

The move gives Merrill Lynch a chance to beef up in a coverage area that has been active in Asia. Singaporean sovereign wealth investor Temasek Holdings Pte. Ltd. has sold two of three power generation units in the island city-state to international investors. Mr. Chapman’s team at Lehman Brothers advised China Huaneng Group when it won the first auction, paying US$3.1 billion for Tuas Power.

See Also: Nomura Putting Up $1 Billion To Retain International Lehman Employees
Gasparino: BofA Has Bought Merrill For $44 Billion In Stock*

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