Osman Semerci & Dale Lattanzio Fired
Osman Semerci and Dale Lattanzio fired. Merrill Lynch & Co fired Osman Semerci and Dale Lattanzio after huge loses in the credit markets.
Osman Semerci, the big guy at fixed income, currencies and commodities, and Dale Lattanzio, the second big guy of the division’s Americas operations, left today, Merrill spokeswoman Jessica Oppenheim said, declining to elaborate. David Sobotka, head of the firm’s commodities unit, will take Osman Semerci’s place, New York-based Merrill said in a memo to employees. Dow Kim, an adviser who served as Osman Semerci’s supervisor until May, also left, Oppenheim said.
Merrill may write down fixed-income assets by as much as $4 billion, resulting in the lowest quarterly earnings in almost six years, Goldman Sachs Group Inc. analyst William Tanona said last week. The fixed-income division accounted for 22 percent of the firm’s $5.42 billion of revenue in the first half of this year.
Osman Semerci and Dale Lattanzio have not yet made any comments. Osman Semerci joined Merrill in 1992 as a financial consultant at the brokerage division in Geneva.
Osman Semerci was promoted to head of fixed income in July 2006 after Jeff Kronthal, Harry Lengsfield and Doug DeMartin, who were responsible for fixed income under a different structure, were ousted.
A Turkish native, Osman Semerci has a graduate degree in management from Istanbul’s Marmara University and a bachelor’s degree in electrical and electronic engineering from Bogazici University, also in Istanbul.
Osman Semerci named Dale Lattanzio co-head of Americas fixed income in August 2006, along with Doug Mallach. Previously Dale Lattanzio had served as head of credit derivatives trading in Europe and structured credit trading globally. He joined the firm in 1993, according to regulatory filings.
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