Merrill makes changes after subprime losses

Merrill Lynch has dismissed two executives following larger than expected write-downs in the wake of the subprime mortgage crisis. Osman Semerci, the London-based global head of fixed income, currencies and commodities, and Dale Lattanzio, London-based head of structured credit products, have both left the bank. Semerci will be replaced by David Sobotka, previously head of commodities.

Merrill Lynch reported $5.6 billion losses for its fixed-income, currencies and commodities business in its