Merrill Lynch's Herzog Buy Derails Internal Project
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NEW YORK--Merrill Lynch's recent acquisition of Herzog Heine Geduld derailed a project to build its own over-the-counter wholesale equity trading business, sources say.
That decision also ended a six-month high priority technology build that drew from Merrill's existing equity IT team and ended up weakening that group, these sources say.
According to one source familiar with the project, an elite team of Merrill's IT developers was assembled in December to draw up and implement a complete design
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