Changes afoot at Merrill Lynch

Although the bank’s spokesperson refused to comment on rumours circulating the market last week, sources suggested the bank is flattening its management structure, with several senior executives likely to relinquish some forex responsibilities.

New York-based Michael DeSa, currently co-head of FX and rates, alongside Barry Wittlin, is likely to give up some of his day-to-day involvement with the FX business, with fewer people reporting into him. "The business is more mature than when DeSa took

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