David Ross, head of European leveraged finance capital markets at Bank of America Merrill Lynch, has resigned from the bank less than four months after a shake-up at the top of the division.
Ross left BAML earlier this month, according to sources close to the situation. In March, Toby Ali, head of European leveraged finance origination at the bank, was promoted to co-head of the division alongside Ross.
Following Ross’s departure, Ali will assume sole leadership of BAML’s European leveraged finance division. Ross currently has no plans to join another organisation and left the bank for “personal reasons”, suggest our sources.
Ross joined BAML in December 2009 after 13 years at Deutsche Bank. There, he held numerous positions including head of European capital markets and European head of high yield capital markets and worked for the bank in both New York and London.
Leveraged finance has been a growth market for BAML over the past few months, with the bank telling Financial News in October that it intended to hire additional staff and commit more capital to the business in Europe. It was Ali who said that the bank wanted to replicate its market leading business in the U.S. Ali joined from Credit Suisse in August 2012.
In the U.S., BAML has also been hiring at the top for its leveraged finance division. In March, Kevin Sherlock joined as co-head of leveraged finance capital markets from Deutsche Bank, alongside Stephan Jaegar, who was promoted from head of high yield capital markets.