"Merrill fires Turkish executive Friday, October 5, 2007
While the turmoil in the United States subprime mortgage market that went on to rattle world financial markets may not have had a big impact on the Turkish economy, a Turkish executive surely felt the fire Wednesday. The world's largest brokerage, Merrill Lynch, announced that Osman Semerci, the global head of fixed income, currencies and commodities, has left the firm. Sources said Semerci was fired as the company 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."
More:Merrill fires Turkish executive - Turkish Daily News Oct 05, 2007