November 11, 2008

Merrill Lynch & Co.'s (MER) head of investment banking for Asia, Damian Chunilal, has left the U.S. brokerage, according to a memo to his team seen by Dow Jones Newswires Tuesday.In one of the most high-profile Asian investment banking departures since the credit crunch hit, Chunilal left Merrill Lynch as market conditions weakened, people familiar with the situation said. Merrill Lynch is in the process of merging with Bank of America Corp. (BAC).
Chunilal, whose official title is head of Pacific Rim origination, was the chief operating officer in the region for a few months last year. In his most recent post as Pacific Rim investment banking operations head, Chunilal, an almost 20-year veteran at Merrill Lynch, was responsible for investment banking operations in Asia including Japan and Australia. Chunilal became Merrill Lynch's Asia investment banking head in late 2006.
Merrill Lynch spokesman Rob Stewart confirmed Chunilal has left the firm, but declined to comment further.” We have transformed our business in many areas and accomplished a great deal over this time," Chunilal said in the memo announcing his departure. "I have every confidence you will all continue to do very well notwithstanding current challenges the industry faces."