UBS and Merrill Lynch lose energy traders

- David Watkins
- 26 Apr 2008

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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 first quarter 2007 net income of $2.16 billion, or $2.26/share.

The bank declined to give official comment. A spokesperson noted, however, that while a further 2,900 cuts were expected across the

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