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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.
Earnest Stanley O'Neal (born October 7, 1951 [2]) is an American business executive who was chairman and CEO of Merrill Lynch from 2003 through 2007, having served in numerous senior management positions at the company prior to this appointment.
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 ...
New York State Supreme Court Justice Bernard Fried ruled that John Thain, former CEO of Merrill Lynch, was permitted to disclose information about bonus payments that went out prior to the Merrill ...
In January 2009, as newspapers filled with lurid tales of corporate greed, Merrill Lynch CEO John Thain gained notoriety by being the subject of not one, but two scathing attacks from the Oval Office.
In October 2008, a desperate Vikram Pandit, CEO of Citi, said the financial firm had no alternative than to cut 50,000 jobs as part of a plan to knock down expenses by 20%. ... Merrill Lynch ...
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]
1981 portrait of Regan as Merrill Lynch's CEO After the war, Regan joined Merrill Lynch in 1946 as an account executive trainee. He worked up through the ranks, eventually taking over as the firm's chairman and CEO in 1971; he held those positions until 1980.