The world's largest brokerage Merrill Lynch, which is expected to announce third-quarter losses in fixed income, said that global head of fixed income, currencies & commodities, has left the firm.
Osman Semerci has been replaced by David Sobotka, who has been head of Merrill's global commodities business since 2004.
A Merrill spokeswoman confirmed that Semerci and another executive, Dale Lattanzio of the company's structured credit unit, had departed, and that Sobotka will replace Semerci.
She did not give a reason for the departures. A source close to Merrill Lynch who is familiar with the situation said Semerci was fired. Semerci and Lattanzio could not immediately be reached for comment.
Amid a global credit crunch, investors are increasingly concerned more banks might announce losses related to credit problems as they close their books on a tumultuous third quarter.
Facing Big Loss
A Goldman Sachsanalyst said last month that Merrill Lynch faces a $1.5 billion third-quarter loss on its fixed-income business, driven by $4 billion in asset write-downs connected to leveraged loans and mortgages.