Derivatives expert Kim rises another rung at Merrill Lynch

Zakaria, who previously headed corporate risk management and corporate finance at Merrill Lynch, lasted only two years as sole head of GMI. He is planning to retire, the bank said in a statement.

Kim, formerly head of debt capital markets and head of Japanese derivatives operations, will co-head the division with Greg Fleming, previously co-head of the financial institutions group of global investment banking. The pair’s two divisions have contributed significantly to Merrill Lynch’s latest profits.

Fleming will manage all origination business, including global investment banking. Kim will run the global debt and equity businesses.

The moves come amid much turmoil at the US bank as executives have scrambled to position themselves during a transition leadership period in an economic downturn. Stan O’Neal took over his role as chairman and chief executive from David Komansky in April this year.

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