Merrill Lynch Ousts O’Neal, Looking for New CEO October 31, 2007
Posted by tetimes in Business.Tags: investment bank
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Frank from EET’s business division gives his assessment of O’Neal’s resignation from Merrill Lynch following the investment bank’s largest quarterly loss.
“Merrill Lynch & Co. CEO Stanley O’Neal resigned his post earlier this week due to mounting pressure from the board of directors and criticism over the investment bank’s largest quarterly loss in its 93-year-old history.
“Merrill posted a $7.9 billion one-time loss and a $2.24 billion quarterly loss last week due to the recent subprime loan crisis. As mortgage borrowers defaulted on their loans, the value of Merrill’s residential mortgage-backed securities plummeted.
