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Daily Dispatches: Merrill dumps Masi

Merrill Lynch has ordered a dramatic shake-up of its Australian management, dumping chief executive Paul Masi in a bid to rebuild the struggling investment bank into a top-tier player in the domestic financial markets. Masi, a 27-year veteran of investment banking, will be replaced by former Goldman Sachs JBWere chief executive Craig Drummond, who will take charge of Merrill’s local operations in the first week of October. (The Australian)

The opposition has rejected the need for G20 nations meeting in Pittsburgh this week to crack down on excessive paypackets for executives of banks and financial institutions. And it has also called on Kevin Rudd to present Australia’s system of financial regulation as “a template” for the world, arguing it is one of the reasons Australia has been less affected by the global recession than the rest of the world. (The Australian)

Paul Keating, former prime minister and architect of the nation’s four pillars policy, has criticised the Government for delivering too much power to the major banks. (Business Day)

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