The head of a Chemical New York unit was fired.

The company issued a statement saying Jean-Claude Birchler, general manager and managing director of its Chemical New York Capital Markets unit in Geneva, had been given notice. Chemical gave no reasons for Birchler's departure, but a source close to the company, who asked not to be named, said Birchler was fired for business reasons rather than any wrongdoing. Five staffers in that office subsequently decided to resign, Chemical said. Janharm Musters will assume the titles of general manager and managing director on an interim basis.

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