Merrill LatAm Chairman Exits

Merrill Lynch’s Latin America chairman Carlos Gutierrez has left the firm, according to Mexico-based bankers, and more departures look likely. The exit of such a widely respected veteran financier is a major LatAm loss for Merrill, which is heard under pressure to shrink its regional platform following the sale to Bank of America. “He retired,” says a Mexico-based source. “He has been around for over 20 years and he thought it was a good window of opportunity to take his package, given the whole environment and how things look going forward,” adds the banker. Gutierrez, head of Merrill’s Mexico operations for more than a decade, was promoted to chairman in early September, based in Mexico City. In that role, he was Merrill’s senior LatAm relationship manager, charged with expanding cross-border business to other parts of the world and boosting coverage of multinationals and top non-LatAm private clients doing business in the region. “Carlos is probably the most seasoned investment banker in Mexico,” says a DF-based former Merrill staffer. “I cannot believe what Bank of America is doing to this franchise. While I can certainly understand layoffs in the context of the general Wall Street turmoil, it is incredible that BofA decides to slice down one of its most profitable operations,” he adds. Francisco Hernandez, a director in charge of Mexican DCM, local and cross-border, also recently left the Mexico office. “We don’t comment on staff,” says a Merrill spokeswoman, when asked about the Gutierrez and Hernandez departures. The Mexico turnover follows last month’s exits of Juan Vogeler, MD and co-head of LatAm ECM based in New York and Ricardo Lanfranchi, MD in charge of Merrill’s Brazil-based equities brokerage unit, along with at least 6 other mid and junior level investment bankers in Sao Paulo. Amid severe pressure on BofA’s share price, more rounds of layoffs are expected at the firm globally, starting this month. Further LatAm exits are highly likely, both forced