Merrill Lynch head steps aside

Merrill Lynch head steps aside

THE HEAD of global risk at Merrill Lynch, the US investment bank, is being asked to step aside following the losses that led the firm to axe 3,400 staff earlier this week. Merrill said that Daniel Napoli, 49, had asked for leave of absence after being informed that his functions were to be taken over by Richard Dunn, who is being promoted to head of global risk and credit management.

A spokesman for the firm said Mr Napoli would be offered a position elsewhere in the firm and denied he was being made a scapegoat for the firm's difficulties: "To suggest that would be wrong and unfair," he said. "He is held in high regard. Dan served for 11 years as head of risk management and with the environment changing we thought it a good time to bring a new perspective to this area."