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Ken Lewis, CEO of Bank of America, reportedly forced Thain to step down after several controversies, such as the losses at Merrill Lynch which proved to be far larger than previously estimated, and the award of huge executive bonuses. Thain then was chairman and CEO of the CIT Group. [1] [2] He has been a board member of Uber since 2017.
The company was founded on January 6, 1914, when Charles E. Merrill opened Charles E. Merrill & Co. for business at 7 Wall Street in New York City. [11] A few months later, Merrill's friend, Edmund C. Lynch, joined him, and in 1915 the name was officially changed to Merrill, Lynch & Co. [12] At that time, the firm's name included a comma between Merrill and Lynch, which was dropped in 1938. [13]
Later that day, Merrill Lynch was sold to Bank of America for 0.8595 share of Bank of America common stock for each Merrill Lynch common share, or about $50 billion or $29 per share. [ 50 ] [ 51 ] This price represented a 70.1% premium over the September 12 closing price or a 38% premium over Merrill's book value of $21 a share, [ 52 ] but also ...
In May 2007, Fleming and Ahmass Fakahany were named co-presidents of Merrill Lynch. [17] In June 2008, Fleming became chief operating officer. [18] After the Bank of America merger was completed in January 2009, [19] Fleming resigned from Merrill Lynch to teach at Yale University, [20] becoming a senior research scholar and lecturer in law. [21]
In 1986, O'Neal joined Merrill Lynch and, by the early 1990s, he was running Merrill's leveraged finance division. [7] After spells as global head of capital markets [6] and co-head of the corporate and institutional client group, [6] he spent two years as CFO from 1998 to 2000.
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In January 2009, Wigley resigned [12] as Chair of Merrill Lynch Europe, Middle East and Africa following the completion of its takeover by Bank of America. [13] Since 2004, Wigley had chaired Merrill Lynch's EMEA Region Executive Committee with responsibility for a business with $6bn of revenue, $3bn of pretax income and 8,000 employees in 23 ...
Image source: The Motley Fool. Topgolf Callaway Brands (NYSE: MODG) Q4 2024 Earnings Call Feb 24, 2025, 5:00 p.m. ET. Contents: Prepared Remarks. Questions and Answers. Call Participants