Skip to: Content
Skip to: Site Navigation
Skip to: Search

September 8, 2008 10:39:28 AM CDT

Learn about Newser Points »

« Back to the grid | Next story »

In Thain, Merrill Picks CEO as Risk Manager

Posted Nov 15, 07 4:24 AM CST in Business 

(Newser) – The choice of NYSE's John Thain as Merrill Lynch's new CEO signals a focus on a new kind of manager for the financial giant, the Wall Street Journal observes: a strong risk manager. A low-key, detail-oriented veteran, Thain resembles the top execs of the firms least damaged by the subprime mortgage collapse, the paper notes: "They aren't risk-averse but they have a deep understanding of risk and have the battle scars to prove it."

In addition to his valued experience at Goldman Sach's mortgage desk, Thain's successful negotiation of the NYSE/EuroNext merger is said to have impressed Merrill's board and perhaps outweighed criticisms that he isn't enough of a "people person" to lead the company's horde of brokers. Thain is confident he can reverse Merrill's mortgage misfortunes. They've got "one problem area, and I know a lot about that area," he told the Journal.

Source Wall Street Journal

0 comments | Print E-mail | Digg Seed this on Newsvine Add this link to Del.icio.us StumbleUpon

Related Newser Stories

  • Stocks Mixed; Down For Week

    Sep 5, 08 3:26 PM CDT
    Stocks Mixed; Down For Week Stocks finished the week with a mixed session today, managing to mostly recover from an early sell-off in reaction to a 5-year high in monthly unemployment, MarketWatch reports. The Dow rose 32.73 to close at 11,220.96. The Nasdaq fell 3.16 to 2,255.88, while the S&P 500 rose 5.48, settling at 1,242.31. More »

  • Banks Bracing as Their Own Debts Come Due

    Aug 27, 08 9:24 AM CDT
    Banks Bracing as Their Own Debts Come Due Billions of dollars worth of floating rate notes—vehicles used by banks to borrow money—taken out in 2006 are coming due in the next few months, and the industry is bracing for a wave of bank failures and asset sales as institutions struggle to pay off obligations, the Wall Street Journal reports. As a result, analysts say, credit will tighten further, worsening the US economic slowdown. More »

  • 3 More Wall Street Firms Agree to Buy Back Securities

    Aug 22, 08 2:23 AM CDT
    3 More Wall Street Firms Agree to Buy Back Securities Merrill Lynch, Goldman Sachs and Deutsche Bank have agreed to a settlement with New York's attorney general and other state regulators to buy back $14.5 billion of now worthless auction-rate securities. The brokerages will also pay $162 million in fines to settle charges that they misled investors into thinking the securities were as liquid as cash, reports the Financial Times.
    More »

  • Cuomo Raises Pressure on Merrill

    Aug 15, 08 5:12 PM CDT
    Cuomo Raises Pressure on Merrill With Wachovia locked in to buying back $9 billion in auction-rate securities from clients, New York Attorney General Andrew Cuomo has his sights set next on finance titans Merrill Lynch and Goldman Sachs, Bloomberg reports. Cuomo says Merrill faces an "imminent" lawsuit after offering to buy back $10 billion of the bonds, which he says is an unsatisfactory amount. The companies are accused of misleading investors.
    More »

  • Merrill Panic May Mark Bottom of Stock Market

    Aug 1, 08 10:30 AM CDT
    Merrill Panic May Mark Bottom of Stock Market Merrill Lynch CEO John Thain has seen better days, Floyd Norris writes in the New York Times. He's gone from “cockiness to capitulation. Distinction to desperation.” Thain recently unloaded a bundle of his company’s securities for 22 cents on the dollar and raised $8.5 billion from a stock sale. But this uncharacteristic fear could indicate that Wall Street has finally hit bottom. More »

People leave the headquarters of Merrill Lynch & Co., Wednesday, Nov. 14, 2007, in New York. The company has tapped New York Stock Exchange head John Thain to lead the world's largest brokerage through...   (Associated Press)
NYSE Euronext Chairman Jan-Michiel Hessels, left, and NYSE Euronext CEO John A. Thain are interviewed on the New York Stock Exchange trading floor before closing bell ceremonies in this April 4, 2007...   (Associated Press)
John A. Thain, CEO of the New York Stock Exchange, is seen in this May 22, 2006 file photo. Merrill Lynch & Co. has tapped Thain to lead the world's largest brokerage through the unfolding credit market...   (Associated Press)
« Prev« Prev | Next »Next » Slideshow
Our editors also recommend:

Threads (1 of 4)

Tags

mortgage crisis  • Merrill Lynch  • Goldman Sachs  • New York Stock Exchange  • John Thain


Loading...

Premium Articles from HighBeam

Find more articles like this

Today's Most Popular


Other Business Stories

What is Newser?

2008 Codie Finalist

Newser gives you more news in less time. We search for the best and most important stories all over the web, read them for you, and deliver concise and sharp summaries—along with links to the full text. Newser provides a way to stay on top of an ever-expanding horizon of news and opinion—politics, sports, business, trends, technology, personalities, crimes, and controversies. Newser keeps you not just better informed, but, with our signature graphic interface and smart condensed format, more enjoyably informed.

Learn more »