The EL&C Baillieu executive who was recorded in an elaborate corporate sting boasting that he was more powerful than his managing director is negotiating his departure after 11 years at the Melbourne stockbroker, sources said.

Stephen Macaw, the head of corporate finance and one of the biggest dealmakers at the mid-size broker, has been in resignation talks for the past 36 hours with the firm, a source said. An industry source said Mr Macaw has asked for an $8 million departure package - and been offered zero.