Vice Chairman Tom Davis said he is resigning from the company after 25 years, but he said his decision isn't related to the investigation into the firm's research and stock recommendations.
The Wall Street Journal
first reported that Davis will resign Nov. 1 to pursue "other personal and professional goals." Until then, Davis will continue to work on the company's research policies and practices.
The resignation came to light in an internal Merrill Lynch memo given to employees late Thursday, and it comes in the wake of
an investigation by New York Attorney General Eliot Spitzer into whether the firm issued overly optimistic research reports to gain investment banking business. Spitzer has since expanded his probe to other firms, and the
Securities and Exchange Commission
is also looking into Wall Street's practices.
Merrill said Davis' planned departure has no connection to the investigation.