The new team at Merrill

Friday''s reorganization explained.

Negative headlines and wire stories poured into Merrill Lynch's Asian HQ in the Asia-Pacific Finance Tower in Hong Kong on Friday.

News that the investment banking head for Asia and Australasia, Lou Wolfe was out, as was Singapore-based FIG head, Steve Theobald, as well as senior bankers covering India and Chinese banks, prompted further rumours about a deep cull - and signalling fears that Merrill is losing its momentum in the region.

On the positive side, Merrill replaced Wolfe with...

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