Iain MacDonald, one of six leveraged finance bankers laid off last year by Bear Stearns, has resurfaced on the buy-side as a director in the leveraged loans team at Prudential M&G, which is run by Mike Ramsay.

Simon Clarkson Webb, who headed Bear Stearns' leveraged finance unit, MacDonald and Joelle Antmann, both vice-presidents, were among those made redundant in October as the US bank shed 800 staff globally in a cost-cutting drive. Michael Mechas and Serge Ramin, both managing directors, were also laid off.