Investment banks unleashed round after round of job cuts in the asset securitization industry last week, and sources say they are bracing for even more layoffs in the coming weeks.

Top fixed-income executives at Merrill Lynch took the latest hit. The bank ousted Osman Semerci, head of the bank's fixed-income division, and Dale Lattanzio, co-head of its fixed-income and structured credit products business, after Merrill experienced losses in the credit markets, according to industry sources and media reports. David Sobotka, who has run Merrill Lynch's global commodities business since 2004, will replace Semerci.

Subscribe Now

Access to a full range of industry content, analysis and expert commentary.

30-Day Free Trial

No credit card required. Access coverage of the securitization marketplace, including breaking news updated throughout the day.