"No one is more disappointed than I am, " Merrill's Chief Executive Stanley O'Neal said Thursday.
He expects Merrill's new management, which includes President and Chief Operating Officer Stanley O'Neal, to step up layoffs.
Stanley O'Neal of Merrill Lynch, Charles Prince of Citigroup, and Peter Wuffli at UBS have all been pushed out over their firms' subprime-related losses.
Chief Executive Stanley O'Neal has finally stepped aside, making way for a board member, Alberto Cribiore, to lead a search for a new chief.
Stanley O'Neal may fuel the speculation that the investment bank is looking to buy a commercial bank to help boost its lending and deposit-gathering activities.
Embattled Merrill Lynch Chief Executive Stanley O'Neal has finally stepped aside, making way for a board member, Alberto Cribiore, to lead a search for a new chief.
Stanley O'Neal, whose career started on a car assembly line and whose grandfather was born a slave, was named president and putative successor to David Komansky, the investment bank's long-serving chairman and chief executive.
On Friday, the House of Representatives' watchdog committee corralled former Citigroup CEO Charles Prince, former Merrill Lynch CEO Stanley O'Neal and Countrywide Financial CEO Angelo Mozilo to find out whether executives should be compensated handsomely when their companies fare poorly.
In the summer of 2006, Jeff Kronthal, a senior executive in Merrill Lynch's (nyse: MER - news - people ) structured products group, was fired after reportedly balking at then-Chief Executive Stanley O'Neal's demands that the firm get more aggressive in its risk-taking with mortgage securities.
Thain, former leader of the New York Stock Exchange, took the reins at Merrill Lynch after the beleaguered brokerage house kicked out Stanley O'Neal. (See: "No Thain, No Gain") Since taking charge four months ago Thain's promise has been simple: clean the current mess, and then make Merrill more profitable.
Mr O'Donnell said that in the wild, Stanley could go for up to 10 days without food so they were not too worried he would starve, but they were concerned he could be injured if he landed on a power cable.
Stanley (nyse: SXE - news - people ) O'Neal of Merrill Lynch (nyse: MER - news - people ), Charles Prince of Citigroup (nyse: C - news - people ), and Peter Wuffli at UBS (nyse: UBS - news - people ) have all been pushed out over their firms' subprime-related losses.
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