UBS and Merrill Lynch lose energy traders

Subprime mortgage-related write-downs at investment banks UBS and Merrill Lynch have finally hit their energy trading arms, with a number of traders resigning or being made redundant in recent weeks.

Merrill Lynch was reported to have fired 10 crude oil and oil-products traders in Houston and London at the end of April, representing a 10% reduction in oil and oil-product traders at the company. This followed the bank reporting a first-quarter net loss of $1.96 billion, or $2.19/share, compared to

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