Merrill Lynch Replaces Risk Chief In Wake Of Q3 Losses


NEW YORK--Merrill Lynch is re-organizing its market and credit risk management procedures following a third quarter net loss of $164 million. The bank has appointed Richard Dunn as head of global risk and credit management. Dunn replaces Daniel Napoli, who had overseen the bank's risk management group since 1987. Merrill sources attribute its third quarter losses to risk models that failed to foresee the recent unprecedented widening of spreads in the global bond markets.

Separately, Merrill has

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