Merrill Lynch probe into trading 'irregularities'

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He was reported to have made a trading profit of $120 million (£84 million) last year, and received a massive bonus shortly before Merrill was taken over in a rescue deal by Bank of America. Today, it was suggested the entire profit may have been wiped out.

The activities of Stenfors, 38, are also reported to be under investigation by UK regulators.

Stenfors told the New York Times that the situation was a "misunderstanding". His lawyer said he remains an employee of Merrill and is co-operating with the firm's investigation.

Merrill said in a statement: "Senior managers of the business are focused on the issue, and believe the risks surrounding possible losses are under control."