BofA Loses Another Merrill Exec: Report

Credit Suisse ( CS) has reportedly poached a leading investment banking adviser from Merrill Lynch, the latest defection amid the firm's integration with new owner Bank of America ( BAC).

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 Reuters, 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 Morgan Stanley ( MS). 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 tough scrutiny from regulators and other issues integrating the cultures of the two vastly different firms.

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