Merrill strips out European structured credit head

Glenn Barnes, London-based head of European structured credit, has left Merrill Lynch. His departure is due to a decision to strip out a layer of management, a Merrill Lynch spokesman claimed.

Barnes' responsibilities will pass to Dale Lattanzio, head of global principal investing and secured financing, and Tim Grell, head of credit for the Europe, Africa and Middle Eastern region.

Creswell told RiskNews Barnes' removal was part of a small restructuring in the credit division and there were no plans for further redundancies in this area.

The securities firm cut nearly 15,000 jobs, or 20% of its workforce, last year, as part of a major restructuring.