Asia credit heads turning to distress



As the fallout from the US subprime debacle continues, financial institutions are cutting their credit headcounts across Asia. Barclays Capital and Merrill Lynch are among those to see departures in April, and one destination for executives is the distressed-debt sector.

Two Hong Kong-based senior credit executives at Merrill Lynch - Barry Dick and Chandrakant Mohanty - left the US dealer on April 21. Dick, who had been with the bank since 1995, was head of Asia-Pacific credit sales and wholesale

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