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FRIDAY, NOVEMBER 27, 2009
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John Thain to Be Merrill CEO

Former Goldman honcho took the NYSE public

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(Newser) – Merrill Lynch will name NYSE chief John Thain as its CEO as soon as today, an insider tells the Wall Street Journal. The former Goldman Sachs president, on Merrill’s shortlist since Stan O'Neal was shown the door two weeks ago, was also under consideration for Citigroup’s top post. The move comes as something of a surprise, as Wall Streeters had focused attention on BlackRock CEO Larry Fink.

Known as a consensus builder, Thain presided over major changes at NYSE, taking the company public and increasing electronic trading. He’s never been at the helm of a company with a huge stable of brokers, the Journal notes, but years of experience on mortgage bond desks before he became Goldman's president may be a boon, given that  Merrill’s losses stem from the housing market collapse.

CEO of the New York Stock Exchange John Thain is seen in Davos, Switzerland in this Jan. 29, 2005 file photo. (AP Photo/Michel Euler)
CEO of the New York Stock Exchange John Thain is seen in Davos, Switzerland in this Jan. 29, 2005 file photo. (AP Photo/Michel Euler)   (Associated Press)
NYSE CEO John Thain, second from left, talks to Virgin Mobile USA CEO Dan Schulman, third from left, and Virgin Group Founder and Chairman Sir Richard Branson, right, at the trading post on the New York Stock Exchange floor where Virgin Mobile's initial public offering was about to begin trading...
NYSE CEO John Thain, second from left, talks to Virgin Mobile USA CEO Dan Schulman, third from left, and Virgin Group Founder and Chairman Sir Richard Branson, right, at the trading post on the New York...   (Associated Press)
John Thain, CEO of NYSE Euronext, looks up from the floor of the New York Stock Exchange on Wednesday, Oct. 31, 2007. Thain is reportedly on a short list of candidates to take over at Merrill Lynch, following the retirement of its CEO, Stanley O'Neal. (AP Photo/Mark Lennihan)
John Thain, CEO of NYSE Euronext, looks up from the floor of the New York Stock Exchange on Wednesday, Oct. 31, 2007. Thain is reportedly on a short list of candidates to take over at Merrill Lynch, following...   (Associated Press)
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