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

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact info@risk.net or view our subscription options here: http://subscriptions.risk.net/subscribe

You are currently unable to copy this content. Please contact info@risk.net to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to Risk.net? View our subscription options

Most read articles loading...

You need to sign in to use this feature. If you don’t have a Risk.net account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here