Blaine Frantz has left Citicorp Securities to join Merrill Lynch's global high-yield securities research group. Mr. Frantz will provide coverage of emerging-markets financial institutions.

Mr. Frantz, 38, was vice president of corporate bond research for the Citicorp unit, where he worked for four years.

"I view this as a great opportunity in light of trends in the global marketplace," said Mr. Frantz. "Domestic banks are in such good shape that the trading opportunities are limited."

Mr. Blaine served a brief stint at Kidder Peabody as a senior credit analyst in its corporate credit department. He got his start covering domestic commercial banks at Moody's Investors Service.

At Merrill, Mr. Blaine will report to Richard Byrne, managing director of global high-yield securities research.

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