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October 11, 2008 11:05:19 PM CDT

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Embattled Merrill Chief Stepping Down

Posted Oct 28, 07 6:53 PM CDT in Business 

(Newser) – Merrill Lynch CEO Stan O’Neal has decided to step down, the Wall Street Journal reports, after days of speculation about his likely ouster following $8 billion in writedowns for the bank, and reports that he had discussed a merger with Wachovia without board authorization. The list of potential successors is headed by Laurence Fink, the chief executive of money manager BlackRock.

Journal sources say Fink could share the top job with Merrill’s co-president Gregory Fleming,  to pacify directors weary of appointing an outsider to run the firm. One of O'Neal's successes at Merrill was buying a 49% stake in BlackRock in exchange for Merrill's asset-management business. Bob McCann, head of Merrill's brokerage arm, is also considered a contender for a top job, the Journal says.

Source Wall Street Journal

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BlackRock CEO Laurence Fink is seen in New York in this Sept. 21, 2003 file photo. (AP Photo/Diane Bondareff, file)   (Associated Press)
Stanley O'Neal, Chairman and CEO of Merrill Lynch & Co., is seen in New York in this Nov. 1, 2006 file photo. Merrill Lynch & Co., the world's biggest brokerage, on Wednesday, Oct. 24, 2007 said the...   (Associated Press)
A Merrill Lynch office is seen in York, Pa., Wednesday, Oct. 24, 2007. Merrill Lynch & Co. took a $7.9 billion writedown because of the summer's credit crisis, a bigger-than-expected amount that raised...   (Associated Press)
The corporate logo for Merrill Lynch is shown at an office, Tuesday, July 17, 2007 in New York. Merrill Lynch & Co., the nation's largest retail brokerage, on Tuesday said stronger investment banking...   (Associated Press)
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Wall Street  • Merrill Lynch  • Goldman Sachs  • Morgan Stanley  • Wachovia  • mortgage backed securities  • Stanley O'Neal  • BlackRock


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