Merrill hires ex-executive Kronthal to sort subprime woes
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Merrill Lynch & Co Inc  has  rehired Jeffrey Kronthal, a fixed-income executive who left the  company last year, to help sort through its subprime mortgage  problems, the brokerage told employees on Monday.
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Merrill Lynch & Co. said Tuesday that chairman and CEO Stanley O'Neal has left the firm, less than a week after it stunned Wall Street by revealing an $8 billion hit from a bet on subprime mortgages.
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Merrill Lynch & Co Inc  on Wednesday reported its first loss in six years after writing down $7.9 billion of bad bets on risky subprime mortgages and related securities.
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Merrill Lynch & Co Inc's  board is considering BlackRock Inc  Chief Executive Larry Fink and NYSE Euronext  CEO John Thain as possible replacements for embattled Merrill Chairman Stan O'Neal, according to people familiar with the situation.
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Shares of Merrill Lynch & Co rose as much as three percent on Monday as investors bet the biggest U.S. brokerage wouldn't keep investors waiting too long before announcing a replacement for Stan O'Neal, who presided over the biggest quarterly loss in the firm's 93-year history.
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The move puts more pressure on the company to close its subprime mortgage unit and shed other divisions not tied to the core tax business.
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Merrill Lynchâs board has begun to contact top Wall Street executives about replacing the embattled E. Stanley OâNeal.
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Citigroup said yesterday that Sallie L. Krawcheck, the former equity analyst recruited to the bank to clean up its research department, would become its chief financial officer.
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Merrill Lynch & Co  warned on Friday that shaky credit markets forced the world's largest brokerage to adjust the value of securities linked to risky subprime mortgages and other products, a move that could hurt third-quarter profit.
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The casino company said it hired Merrill Lynch to help it explore strategic alternatives, which could include the possibility of a sale.
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Washington Mutual Inc. , one of the largest U.S. mortgage lenders, on Friday said improved underwriting standards have led to a reduction in the number of new subprime mortgages going into default quickly.
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Profit at Merrill Lynch & Co. Inc.  could take a big hit if the U.S. brokerage heavyweight cuts the value on nearly $1 billion in subprime lender assets it bought just eight months ago.
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NEW YORK -- Stan O'Neal, the beleaguered chief executive of Merrill Lynch & Co., was reportedly close to resigning Sunday amid broad criticism for leading the world's largest brokerage to its biggest quarterly loss since it was founded 93 years ago.
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As Merrill Lynch begins to search for its next chief executive, the company named Alberto Cribiore as its nonexecutive chairman and leader of its search committee.
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Merrill Lynch & Co Inc on Thursday said it took a $14.1 billion write-down in the fourth quarter on bad subprime mortgage bets plus other charges that have forced the brokerage to sell pieces of the company to foreign investors to raise capital.
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The board of Merrill Lynch announced that E. Stanley OâNeal would retire immediately and Alberto Cribiore would serve as nonexecutive chairman.
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Merrill Lynch & Co Inc  co-President Ahmass Fakahany, a confidante of CEO Stan O'Neal and who had a hand in overseeing risk management at the company, is expected to resign, according to people familiar with the situation.