I have the, slightly more, power!

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Jonathan Gundy left a top position at Morgan Stanley's power group for a top position at Merrill Lynch's power group where he will presumably have, more power. Gundy spent the last 16 years at Morgan Stanley accumulating mo' power (and mo' problems, apparently).
Has anyone ever felt guilty for leaving an investment bank? One of the great things about investment banking attrition is that the culture and hypocritical decrees from your bosses make it guilt-free. A big difference between a surging market and a downturn is the bulge bracket bank take on "firm loyalty." During periods of market exuberance banks shamelessly stress the importance of firm loyalty, even though the people leading the loyalty pep rallies are the same ones entertaining huge lateral offers from other institutions. First sign of a downturn and the bank doesn't hesitate to fire your loyal ass.
Merrill hires new head of power, utilities unit [Reuters]

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