| |||||||||||||||||||||||
| |||||||||||||||||||||||
However, Merrill Lynch formally denied it offered the post to Fink. The news puts Fink's future at BlackRock in doubt, notes DealBook. When Merrill Lynch Investment Managers merged with BlackRock last year, the investment bank received a 49% stake in the firm. At the time, it was widely believed that Fink was Stan O'Neal's heir apparent. Merrill Lynch pushed O'Neal out the door when it announced massive write-downs on bad subprime investments. Fink now could jump to the top of Citigroup Inc.'s list of possible CEO contenders — a list Thain will no longer grace. Thain left Goldman Sachs four years ago to head NYSE following the Richard Grasso scandal. Under Thain's guidance, NYSE has grown through acquisitions, most notable the $14.3 billion merger with Euronext earlier this year. In related news, the Big Board is expected to name Duncan Niederauer, the current COO, as Thain's replacement. — Matthew Wurtzel See story about Thain from the Financial Times via MSNBC.com Categories Deal Video
    Community
 Elsewhere on The Deal.comDealwatch
The Deal MagazineCorporate Dealmaker
The Deal VideoCategories
Blog roll
Archives
| |||||||||||||||||||||||
It's official, Merrill Lynch & Co. has selected NYSE Euronext Inc. CEO John Thain (pictured at left) to take the reins of the troubled investment bank, according to the Financial Times. Merrill Lynch's decision to name the former Goldman, Sachs & Co. banker as its new chief executive came after the firm's rumored first choice, BlackRock CEO Larry Fink, reportedly demanded that Merrill make a full accounting of its subprime exposure, CNBC said. 
|
|
|
|
|
