BofA Faces New Merrill Defections

Updated from 2:13 p.m. EST

Bank of America (BAC Quote) is losing several more senior Merrill Lynch executives, as Deutsche Bank (DB Quote) on Tuesday announced it had hired a group of 12 executives that advise financial companies on acquisitions.

The Merrill group's most senior members include former Merrill Treasurer Eric Heaton, his brother David, who was global co-head of asset management investment banking, and two senior bankers outside the U.S., Richard Slimmon and Richard Gibb. Deutsche Bank issued a press release after TheStreet.com reported some of the hires earlier on Tuesday.

A Bank of America spokeswoman had no immediate response.

Bank of America has seen a wave of departures of ex-Merrill Lynch executives, including CEO John Thain and President Greg Fleming, since it closed its acquisition of the brokerage firm at the start of the year. Widely praised at first, the deal has turned acrimonious, as BofA has had to seek additional help from the government to get it done.

For its part, Deutsche Bank clearly sees an opportunity in giving advice to troubled financial institutions.

In November, it hired six bankers from Lehman Brothers with expertise in mortgage finance. The current crisis has provided revenue opportunities and prestigious assignments for advisers such as Goldman Sachs (GS Quote) and Morgan Stanley (MS Quote).