By Andrei Skvarsky.
Bank of America Merrill Lynch has dismissed Sergey Babayan as managing director of its Russian subsidiary and co-head of the Moscow-based global markets team.
Babayan, who formerly held senior jobs at Deutsche Bank, Troika Dialog and ABN AMRO, was the only non-technical employee at Moscow’s Merrill Lynch Securities to be cut off under the US bulge bracket firm’s global redundancy scheme, a source close to BAML told EmergingMarkets.me.
With his job binned, his duties were added to those of Konstantin Korishchenko, president of Merrill’s Russian operation.
BAML has, however, enlarged its personnel in Russia by 40% since the start of 2010 and plans more hires, according to the source interviewed by EmergingMarkets.me.
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