Even more Wall Street employees are getting fired as a result of the subprime crisis. Merrill Lynch said today that it has begun clearing out executives with connections to risky mortgages, including its global head of fixed income, Osman Semerci, his deputy, Dale Lattanzio, and the former co-head of institutional securities, Dow Kim.
Merrill is following the example of other U.S. banks with high subprime exposure. Yesterday, Bear Stearns announced plans to cut 310 jobs in its mortgage lending business. Earlier this week, Morgan Stanley said it would ax 600 residential mortgage employees, mainly sales and administrative staff.
Now what? Well, Merrill’s Kim plans to start his own hedge fund. If that’s not an feasible option, you might take solace in this piece of advice from BusinessWeek columnist Liz Ryan.