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Ken Lewis, CEO of Bank of America, reportedly forced Thain to step down after several controversies, such as the losses at Merrill Lynch which proved to be far larger than previously estimated, and the award of huge executive bonuses.
Jan 25, 2009 · J ohn Thain’s swift departure as head of Bank of America’s (BofA) Merrill Lynch unit after a 15-minute dustup with his boss, CEO Ken Lewis, is a consequence of friction that occurs when...
- Bill Saporito
Jul 1, 2024 · When leaked documents revealed that Merrill Lynch CEO John Thain spent $1.2 million on an office renovation in 2008, months before the 94-year-old brokerage announced the billions in losses...
Oct 21, 2015 · September 2008 As the last chairman and chief executive of “Mother Merrill,” Mr. Thain struck an agreement to sell Merrill Lynch to Bank of America for $50 billion in stock. The surprise...
Jan 30, 2009 · Little more than a year ago, Thain, 53, was being hailed as "the saviour of Merrill Lynch": the tough, coolly clinical Mr Fix-it who was parachuted in to mop up the mess sustained during the...
Jan 23, 2009 · John Thain was ousted from Bank of America on Thursday, just three weeks after closing the sale of Merrill Lynch to BofA, plunging the company into crisis and raising new questions about...
Enter John Thain. When Thain arrived at Merrill, he did what almost every incoming CEO does: flushed the memory of his predecessor with another massive write-off.
