Defections At Merrill Lynch London Reflect Grassroots Unease In Forex

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The departure of nearly half Merrill Lynch's London-based trading and sales group, coupled with the loss of its New York sales chief earlier this month reflect uncertainties among staff about recent management changes, according to market sources. The current turmoil began last year, sources say, when managing director Joseph Petri left the group to head Merrill's global institutional sales (FX Week, June 28, 1993).

To fill the void left by Petri, Edson Mitchell effectively took charge of foreign

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