The word on the street is that Merrill Lynch’s foreign exchange business posted record results in 2007. However, that appears not to have been sufficient to stop its revolving door from spinning. Uncertainty and paranoia are once again the dominant themes at the troubled bank.
The highest-profile victim is Harry Culham, who had been the bank’s co-head of global currencies. Culham was recruited as the latest in a long line of global heads of FX as recently as January 2007. But almost from his first day, Culham, who took a team with him to Merrill from Dresdner Kleinwort, is said to have found himself involved in political battles with David Gu, the bank’s global head of rates and currencies, which he ultimately appears to have lost. The official word from Merrill is that the bank is flattening out its management structure.
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