Two Merrill Lynch executives resign
NZPA-Reuter New York Two executives of Merrill Lynch’s mortgagetrading unit — which lost SUS27S million in unauthorised transactions in one of Wall Street’s biggest trading losses — have resigned, the company said. The big brokerage concern also said in a statement that it had hired Eugene Rotberg, now treasurer and vice-presi-dent of the World Bank, to help oversee its worldwide sales and trading operations. Mr Rotberg will work with President Daniel Tully to enhance its sys-
terns for monitoring risktaking positions. The resignations of Robert Andreas, president of the Merrill Lynch Mortgage Capital Inc. unit, and D. Gregory Herschell, manager of mort-gage-backed securities trading, were effective immediately, the company said. Earlier this month, Andreas was relieved from his post and Herschell was suspended following Merrill’s disclosure that it had lost SUS2SO million in the volatile mortgage securities market. Merrill later raised the amount of its loss to SUS27S million.
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Press, 21 May 1987, Page 23
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152Two Merrill Lynch executives resign Press, 21 May 1987, Page 23
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