Ranodeb Roy, co-head of Merrill Lynch’s fixed-income, commodities and currencies (FICC) division in Asia, has left the investment bank in a management reshuffle that comes after $7.9 billion in losses on sub-prime mortgage-related securities and bad loans.
Antony Hung, who co-headed FICC with Roy has been named sole head of Asia Pacific FICC, according to an internal memo.
Roy’s departure comes a month after Merrill Lynch let go of Osman Semerci, formerly the global head of FICC, following August’s challenging credit market conditions. Semerci was a little over one year into the role, having been appointed in July last year (Squawkbox, July 30, 2006).
Earlier this month Merrill Lynch appointed John Thain, the former head of NYSE Euronext as its new chief executive, replacing Stan O'Neal who was forced to resign after the bank posted its worst quarterly loss in its history.
Merrill did not comment on Roy's departure by press time.