Thursday shuffled the ranks of top management in its investment banking division as it attempts to regain lost market share and bulk up its presence in Europe.
Daniel Bayly, 53, was named chairman of investment banking in the firm's corporate and institutional client division. Bayly, a 29-year veteran, was co-head of investment banking for the past seven years. A spokesman for Merrill Lynch spokesman says Bayly's new position will allow him to spend more time with clients, rather than focusing purely on management issues.
Bayly is succeeded by Sam Chapin, also a veteran Merrill employee who was formerly co-head of the global industries group.
Claudio Aguirre will become head of investment banking in the firm's Europe, Middle East and Africa units, replacing Justin Dowley and Huston McCullough. Dowley will become senior adviser to Merrill, as previously announced, while McCullough will take a sabbatical leave.
Also, Jacob Frenkel was named president of Merrill Lynch International.
In 2000, Merrill slipped to fourth place among worldwide merger advisers, from second place in 1999.
Morgan Stanley Dean Witter
occupy the two top slots, while
Credit Suisse First Boston