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J.P. Morgan Head Made Redundant

Bulent Osman, head of the U.S. dollar interest-rate options desk at J.P. Morgan in New York, has been made redundant. An official familiar with the departure said Osman was let go as part of the firm's efforts to cut costs. Osman could not be reached for comment. Sara Strang, head of Bermudan options in New York, has been promoted to fill Osman's position. She confirmed her appointment and said the two positions have been merged, but declined to comment further.

Osman reported to Even Berntsen, head of U.S. dollar derivatives trading in New York. Berntsen referred questions to the press office. A spokesman at the bank declined to comment on the reason for the departure.

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