has reportedly poached a leading investment banking adviser from
, the latest defection amid the firm's integration with new owner
Bank of America
Mark Echlin, who led a group overseeing deals for industrial clients in Europe, Middle East and Africa, has left to oversee a broader group at Credit Suisse, according to
, which cited an internal memo. At the Zurich, Switzerland-based competitor, Echlin will oversee capital goods, aerospace and defense, business services, metals and mining, paper and packaging, transport and logistics, and building products and materials.
Echlin joined Merrill in 2007 after a stint at
. His departure comes shortly after that of Mark Aedy, who had recently been named a regional head of investment banking at Merrill, according to Reuters.
There has been tension and widespread reports that Merrill brokers are leaving the newly combined BofA-Merrill entity as it faces
and other issues integrating the cultures of the two vastly different firms.