Two former co-heads of Merrill Lynch’s bond division have been keeping the firm guessing. Seth Waugh, it was rumoured last month, was about to return. His one-time partner, Connie Voldstad, finally announced that he was leaving after 11 years.
In truth, Voldstad hasn’t really been at the firm since September last year, when he was seconded to run the bank consortium that had pitched in to save Long-Term Capital Management.
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