Who apart from Stan O'Neal is now running Merrill Lynch? The team of experienced top-level bankers and brokers that O'Neal inherited two years ago has been shrinking rapidly as he stamped his authority on the firm.

Tom Patrick, vice-chairman, and Arshad Zakaria, head of Merrill's largest division, global markets and investment banking (GMI), are the latest to be shown the door. There are few tears being shed internally over the departure of Patrick, a ruthless individual who was widely disliked, and it was inevitable that his young protégé Zakaria would soon follow him out the door. Patrick was the kingmaker who helped ensure O'Neal got the top job at Merrill, but he had openly defied O'Neal by trying to force through the appointment of Zakaria to the vacant post of president and heir apparent.