BoAML cuts MDs

Bank of America Merrill Lynch cuts Asia MDs

Michael Cho, and at least 14 other MDs from Asia, are leaving the firm as part of market-place driven cuts.
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Compensation at bulge-bracket firms may drop 20% to 60% this year
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<div style="text-align: left;"> Compensation at bulge-bracket firms may drop 20% to 60% this year </div>

Michael Cho, who peers describe as soft-spoken, was anything but that when FinanceAsia editors last met him. He was arguably one of the most passionate, fired up and animated bankers at our end-of-the-year awards pitch presentations in December, which is saying something as it is hardly a venue for the modest.

He was clearly brimming with pride about the role he and his team at Bank of America Merrill Lynch played as the lead financial adviser to Korea Exchange Bank and other creditor-turned-shareholders in Hyundai Engineering Construction on the sale of a 34.9% stake in the company. What he came across as most proud of was how lucrative the...

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