This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Merrill Tees Up O'Neal

Updated from 9:30 a.m. EDT

Merrill Lynch (MER) finally bid CEO Stan O'Neal adieu Tuesday, but it remains unclear who will next lead the firm.

Merrill said O'Neal "decided to retire from the company effective immediately." Merrill pledged to search for a full-time successor to O'Neal, who came under fire for a series of blunders at the brokerage house and for perhaps at times focusing a little too much on his golf game at the expense of the firm.

Merrill named an outside director, Brera Capital managing partner Alberto Cribiore, as its interim nonexecutive chairman. It left in place its co-presidents, Ahmass Fakahany and Gregory Fleming.

"We would like to thank Stan for the contribution he has made leading a major transformation of Merrill Lynch into a global and diversified company with enormous potential ahead of it," said Cribiore. "His commitment to the company, its clients, shareholders and employees has never wavered and the company will reap tremendous benefits in the future from his work."

The announcement finally offered some resolution to last week's boardroom coup that finally cost O'Neal his job. O'Neal made significant changes at Merrill during his five years atop the firm, but a series of blunders this month led directors to agree the firm needs new leadership.

First, Merrill became the first firm on Wall Street to post a quarterly loss tied to the credit crunch that roiled markets this past summer. Merrill said Oct. 5 that it would lose as much as 50 cents a share, in large part because of a $4.5 billion writedown of bad subprime mortgage-related securities. The comment shocked analysts who had been looking for a profit of around $2 a share.
1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG
NYX $0.00 0.00%
BLK $311.23 0.00%
C $53.28 0.00%
AAPL $113.29 0.00%
FB $91.01 0.00%

Markets

Chart of I:DJI
DOW 16,643.01 -11.76 -0.07%
S&P 500 1,988.87 +1.21 0.06%
NASDAQ 4,828.3250 +15.6170 0.32%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs