The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

Merrill Lynch

The Champions League of investment banking

How we calculated the investment banking Champions League table

Manager: Stan O'Neal
Age: 55
Appointed: 2002
Value added: 23.7% pa (6th)
Chop rating: 1/5

O’Neal is the man who rescued Merrill Lynch from its dark days at the turn of the century, and his job is safe in the medium term. But will shareholders start to protest if its share price continues to lag behind the likes of Lehman and Goldman?

Star players:
Andrea Orcel. The man who made Merrill a force in the European M&A business. Stan’s a huge fan and may want to build his team of the future round Orcel

Rising star: Osman Semerci. Still in his 30s, Semerci has been given responsibility for all of Merrill’s global markets business – and even persuaded his bosses to let him continue to be based in London

Weakest link: Trading. Whether it’s in fixed income or foreign exchange, word on the street is that Merrill lags behind its competitors on the trading front

Key transfers 2006:

IN: Nick Chavdarov (head of emerging markets structured credit, from Deutsche Bank); Jeffrey Culpepper (head of global markets and investment banking for the Middle East and North Africa, from Deutsche Bank); Jon Pratt (head of debt capital markets, Asia-Pacific, from Credit Suisse)

OUT: Andrew Chulak (head of M&A for CEMA, to Deutsche Bank); Harry Lengsfield (head of interest rate products and foreign exchange); Doug De Martin (head of equity and debt sales); Jeff Kronthal (head of principal investments)

2006 capital markets performance (▼/▲ 2005)

Overall fees: $3,757mln (+26.1%)

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree