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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.
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 ...
Matthew Modine as John Thain (Chairman and CEO, Merrill Lynch) Cynthia Nixon as Michele Davis (Assistant Secretary of the Treasury for Public Relations and Director of Policy Planning) Michael O'Keefe as Chris Flowers (Chairman and CEO, J.C. Flowers & Co.) Bill Pullman as Jamie Dimon (Chairman and CEO, JPMorgan Chase)
The CEO took over in 2019, well after a fake-accounts scandal roiled the San Francisco lender and damaged its reputation. Wells Fargo & Company president and CEO Charles Scharf. (Evelyn Hockstein ...
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.
There's no shortage of suggestions to help struggling, low-income Americans improve their financial stability. However, while expanding federal and state safety net programs, producing equitable ...
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]