Chase Manhattan Corp. has fired Frank Ronan, global head of its structured-credit group, as part of the series of layoffs associated with Chases purchase of J.P. Morgan & Co., sources said.
Chase had hired Mr. Ronan in May 1999 to head credit derivatives and collateralized debt obligations worldwide. Blythe Masters, previously head of global credit derivatives at J.P. Morgan, will head structured products for the Americas at the combined company.
Spokespeople for Chase and J.P. Morgan declined to comment and Mr. Ronan could not be reached at deadline.
The $33 billion deal for J.P. Morgan is set to close in about four weeks. It is now estimated that up to 5,000 jobs will be eliminated, 2,000 more than originally forecast.