Merrill Lynch & Co. lost another top investment banker this week when Deutsche Bank named Daniel G. Kramer its managing director and head of European equity finance.

Mr. Kramer, managing director in global repo finance at Merrill, is to report to Mark Gelnow, Deutsche's global head of equity finance and global chief operating officer for the equity division.

Mr. Kramer, 36, joins several other former Merrill investment bankers at Deutsche Bank. Thomas Gahan, Merrill's former head of global leveraged debt, joined Deutsche Bank in February. Marc Pfeffer and Dean Aotani, formerly members of Merrill's collateralized debt team, joined the $675 billion-asset German bank in March.

Merrill Lynch has suffered a talent drain because of a change in its yearend bonus program, which delays some compensation until 2000. Other defectors include David Webb, head of the leveraged buyout sponsor group, and Seth Waugh, deputy head of global fixed income. Mr. Webb left for Brera Capital Partners, and Mr. Waugh joined Quantitative Financial Stategies.

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