The recent defection of Marcus Browning from Merrill Lynch to Citigroup, where he is to become global head of FX trading, has highlighted the fact that making staff serve a three-month notice period does little to deter them from leaving their jobs [see FX pedallers on an uphill learning curve, Euromoney, March 2006]. Browning has taken a team of four colleagues with him. All have effectively now left Merrill, although they remain on the payroll.
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