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Before he accepted the CEO position at Merrill Lynch, Thain reportedly was one of the runners-up to head Citigroup. [8] [9] Merrill Lynch and Citigroup sought new leaders following the sudden departure of their former CEOs after the disappointing performance in the third quarter of 2007 due to the subprime mortgage crisis.
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 ...
On January 19, 2010, Peter J. Tobin, a member of the board of directors, was named interim chief executive officer, replacing Jeff Peek, who resigned effective January 15, 2010. [33] On February 8, 2010, former Merrill Lynch CEO John Thain was hired as chairman and chief executive officer. [34] In June 2014, the company acquired Direct Capital ...
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]
Prior to joining PaineWebber, Grano was with Merrill Lynch for 16 years, holding various senior management positions including Director of National Sales. In 1987, he was named the industry’s best retail marketing executive in a survey conducted by Investment Dealers’ Digest.
On 3 December 2007, John Thain, the new chief executive officer at Merrill Lynch and Chai's former boss at the NYSE, announced that Chai would join Merrill in the position of chief financial officer starting on 10 December; the move was part of a management shake-up at Merrill, initiated due to their losses in the 2007 subprime mortgage financial crisis. [3]
The July 30, 2008, law enabling expanded regulatory authority over Fannie Mae and Freddie Mac increased the national debt ceiling by US$800 billion (equivalent to $1,111,800,000,000 in 2023), to a total of US$10.7 trillion in anticipation of the potential need for the Treasury to have the flexibility to support the federal home loan banks.
Levander represented former Merrill Lynch CEO John Thain in a 2009 investigation by the New York Attorney General's office regarding executive bonuses paid by Merill before the closure of its sale to Bank of America. [9]