Merrill fires two senior executives
Osman Semerci, former head of the fixed-income division, and Dale Lattanzio, former head of structured credit products, have left the firm.
Merrill Lynch & Co. Inc. yesterday dismissed two senior executives and a department head.
Observers say the firings coincides with the firm’s anticipated multi-billion dollar writedown.
Merrill confirmed that Osman Semerci, former head of the fixed-income division, and Dale Lattanzio, former head of structured credit products, left the firm, but would not comment on the conditions surrounding their departures.
The New York-based firm also confirmed that Dow Kim, formerly Mr. Semerci’s superior and head of trading, is no longer with the company, but would not elaborate on the conditions of his dismissal.
A Merrill spokesperson said the company is unable to comment during its quiet period prior to reporting its third-quarter earnings in mid-October.
After a summer of losses stemming from the subprime mortgage collapse, Merrill is expected to write off $4 billion, which affect the firm’s profit considerably.
The firm replaced Mr. Semerci with David Sabotka, who formerly worked in commodities.
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