Thursday, November 15, 2007

Reputation Repairing, All change at the top Investment Banks

“John Thain, the head of NYSE Euronext, appointed as Merrill Lynch new chairman and chief executive”

His appointment, effective on December 1, follows the recent departure of Stan O’Neal after Merrill was forced to admit that it had racked up vast credit crunch-related losses. Mr Thain, viewed as a leading contender for the top job at Citigroup, spent more than 20 years at Goldman Sachs, working on its mortgage bond trading desk before becoming president of the group after stints as head of operations, technology and finance, and chief financial officer.

He moved from Goldman to his NYSE role in January 2004 and is credited with transforming the Big Board from a domestic, nonprofit membership organisation into a global bourse. The 52-year-old also master-minded the group’s push into automated trading. Last year, he merged NYSE Group with Euronext to build the first transatlantic exchange operator.

Source: Times

1 comment:

Anonymous said...

Its a scary time at the moment with all this sub-prime mortgage blunders, the current atmosphere is bleak, how could everyone get it so wrong, and is it the norm in that banks cover-up other kind of losses in portfolio that we never get to hear about. No one is infallable not even the bosses get it right. So here's to the new bosses who are stepping in the shoes of the one's that are exiting.