To its critics, Merrill Lynch is the fair-weather shop of the derivatives market: bolstering resources when the market is hot, cutting back when the cycle turns. Certainly, the US investment bank has been aggressively building its business recently, hiring more than 700 people globally over the past two years to work in derivatives, all at a time when the markets are booming.
However, this is not just an opportunistic response to cyclical trends, senior officials at the firm stress. While
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