Merrill Loses High yield Pros

Merrill Lynch lost three more high yield people last week, this time from the telecommunications area.

Joseph Sheehan, director, and Sean Crowley, managing director, went to Bear Stearns as managing directors. And Scott MacLeod, managing director at Merrill, reportedly left for high-profile telecom issuer Nextlink Communications as chief of business development.

Sheehan and Crowley both will report to John Kilgallon, senior managing director and co-head of Bear's group. None of the three could be reached for comment.

MacLeod, who followed Nextlink as well and other telecom issuers while at Merrill, will report to chief executive officer Steve Hooper at the telecom company.

The defections are the latest in a spate at Merrill Lynch. Two weeks ago, Richard Byrne left to join Deutsche Bank. And early in the year, Tom Gahan, head of global leveraged finance, and Seth Waugh, former head of fixed income, left the company as well.