Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Businessweek Archives

Lost Your Mortgage Job? Remember to Breathe


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.


LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus