NEW YORK (TheStreet) -- In another sign of the death knell of Merrill Lynch's once thundering herd, the head of its brokerage force is leaving the firm after being passed over inBank of America's (BAC Quote) management shakeup.
Daniel Sontag, who has spent more than three decades with Merrill, is retiring after BofA hired formerCitigroup (C Quote) executive Sallie Krawcheck as his boss. The news was first reported by the Wall Street Journal, and confirmed by the company aReuters report.His departure is just the latest in a months-long string of top executives and brokers leaving due to clashes with BofA's investment banking division, and intense scrutiny from lawmakers and the public. Some have defected to competing banks -- particularly those abroad, like Deutsche Bank (DB Quote) or UBS(UBS Quote) -- or have started up their own operations.
Sontag's departure is particularly bittersweet, because he is seen as representing the culture of MerrillLynch
, and was appointed to his current role when his predecessor, Bob McCann, became the first to step down after the BofA-Merrill deal was finalized. Sontag, 53, joined Merrill in 1978 and has held several leadership positions through the years in various parts of the country.
Sontag told senior Merrill executives that he was leaving the firm because his "whole heart" was no longer in the job, according to the Journal, which cited anonymous sources familiar with the call.
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