Merrill in massive Asian shake-up

Word is just emerging from Merrrill Lynch that, as part of a massive reorganization, it will lose its Asian president of investment banking for Asia and Australasia, Louis Wolfe. Wolfe will take voluntary retirement and has chosen this path for personal reasons.

He is thought to have been considering a change for some time. He will be replaced by new joint-heads, Aj Rahman and Sam Poon

The FIG team, which was behind the UOB takeover of OUB, is also rumoured to be facing a  restructuring. It Singapore-based head, Steve Theobald will also leave.