Sacked NAB exec hired by Merrill

Merrill Lynch & Co has hired Ian Scholes, who was sacked by National Australia Bank in March over A$360 million ($404.5 million) of currency trading losses, as vice-chairman of the firm's Australian investment banking unit.

Scholes starts today, said Merrill Lynch spokesman Jim Stiliadis. The company also hired Doug Dovey, former head of corporate finance at Commonwealth Bank of Australia, as managing director of infrastructure and property.

Scholes worked at Merrill Lynch for 12 years before joining NAB in 2002.