Merrill Lynch (MER) fired the global chief of its fixed-income division and one of his top two U.S. deputies after losses in credit markets, according to Bloomberg.
Merrill will not cop to it but Osman Semerci, head of fixed income, currencies and commodities, and Dale Lattanzio, co-head of the division’s Americas operations are out.
Look for an exodus of fixed-income management from other large banks and investment houses. Someone has to be blamed for all the losses.
Douglas A. McIntyre