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John Thain to Be Merrill CEO

Former Goldman honcho took the NYSE public

By Jonas Oransky, Newser Staff

Posted Nov 14, 2007 12:18 PM CST

(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) (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... (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... (Associated Press)

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John Thain to Be Merrill CEO

Former Goldman honcho took the NYSE public

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Other Wall St. Banks as Guilty as Goldman

Many engaged in same activities SEC is now calling fraudulent

TARP-Funded Banks Kept Awarding Bonuses

Firms paid more than they made: Cuomo

At NY Fed, Geithner Got Cozy With Wall Street

Geithner's cozy history with the high finance club draws critics' ire

Brain Drain Wallops Wall Street

It's not just the firings: others are leaving for safer jobs

Wary of Image, Financial A-Listers Ditch Glitzy Davos

Top bankers, Obama advisers to skip Swiss summit

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John Thain to Be Merrill CEO

Former Goldman honcho took the NYSE public

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OTHER STORIES ON OUR RADAR

Citigroup • New York Stock Exchange • Goldman Sachs • Merrill Lynch • John Thain • Larry Fink • BlackRock • Stan O'Neal • brokerage

MOST POPULAR STORIES

[ By Views ]

[ By Comments ]

More Newser Stories

Other Wall St. Banks as Guilty as Goldman

Many engaged in same activities SEC is now calling fraudulent

TARP-Funded Banks Kept Awarding Bonuses

Firms paid more than they made: Cuomo

At NY Fed, Geithner Got Cozy With Wall Street

Geithner's cozy history with the high finance club draws critics' ire

Brain Drain Wallops Wall Street

It's not just the firings: others are leaving for safer jobs

Wary of Image, Financial A-Listers Ditch Glitzy Davos

Top bankers, Obama advisers to skip Swiss summit

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Newser By Users

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