Michael Botte, the regional managing director for the Mid-Atlantic division of Merrill Lynch’s private client business, is leaving the firm ...

Michael Botte, the regional managing director for the Mid-Atlantic division of Merrill Lynch’s private client business, is leaving the firm at the end of the month, according to a report by Dow Jones Newswires. Mr Botte has been with Merrill for 33 years and is apparently retiring from the firm. His departure might have been influenced by recent changes at Merrill’s US private client business. Earlier this year, Merrill named five new divisional heads who will run the Central, Northeast, Southeast, Western, and Latin America divisions. Prior to the reorganisation, Merrill had 11 regional heads and about 130 managers reporting to them. The new structure has five divisional chiefs with 30 regional heads reporting to them.