Shakeup Revamps Merrill's Investment Bank

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Merrill Lynch has promoted Osman Semerci and Rohit D'Souza to run its global fixed income and equities business and said three senior executives are leaving the firm.

Bloomberg says the moves represent "the biggest shakeup in (Merrill's) investment-banking division in three years."

Semerci will head up Merrill's fixed income, currencies and commodities business, while D'Souza takes on equities. They replace Jeff Kronthal, Harry Lengsfield and Doug DeMartin, who respectively headed principal investments and secured financing, interest-rate products and foreign exchange, and equity and debt sales. Taken together, the businesses generated 44 percent of Merrill's second-quarter revenue.

Kronthal, Lengsfield and DeMartin are leaving the firm.

The new organization mirrors that of units at Goldman Sachs, Morgan Stanley and other Wall Street rivals. The Wall Street Journal reports Semerci and D'Souza have yet to name their management teams.