Another day, another sign of the meltdown at Merrill Lynch. Reuters is reporting that Credit Suisse has hired investment banker Mark Echlin, a top adviser to industrial clients.
Echlin’s departure from Merrill comes days after that of Mark Aedy, recently named the combined group’s regional head of investment banking. Echlin’s appointment was announced in a memo to Credit Suisse staff that was seen by Reuters. Echlin had been Merrill’s head of industrials for Europe, Middle East and Africa, the memo said, advising on deals such as BHP Billiton’s unsolicited offer for Rio Tinto and RUSAL’s purchase of a stake in Norilsk Nickel.
Previously a co-head of Morgan Stanley’s basic materials group, Echlin joined Merrill in 2007.