Merrill may reorganize in wake of departure

Merrill Lynch & Co. Inc. plans to reshuffle the leadership structure of its markets and investment banking operations, according to a Financial Times report. The reorganization, which the Financial Times says is likely to be unveiled this week, follows last week's announcement that Dow Kim, co-head of markets and investment banking, was leaving to set up a hedge fund. Greg Fleming, the other co-head, is being promoted to be co-president of the group alongside Ahmass Fakahany, currently chief administrative officer. Instead of replacing the co-heads and running the risk of disappointed executives leaving, Stanley O'Neal, chief executive, is expected to spread leadership of the division among a wider group which includes executives Jason Brand, Rohit D'Souza, Andrea Orcel and Osman Semerci, according to the report. Mr. Brand was recently appointed head of Merrill Lynch Pacific Rim and is responsible for the private-client business in the region as well as markets and investment banking. Mr. D'Souza is head of global equities and responsible for markets in the Americas. Mr. Orcel and Mr. Semerci currently split responsibility for the Europe, Middle East and Africa region. Merrill Lynch is based in New York.