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Banking, finance, and taxes

NYSE’s Thain Will Become CEO Of Merrill (MER, C, GS, NYX)

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By Douglas A. McIntyre Published
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The New York Post has reported that NYSE (NYSE:NYX) CEO John Thain will be made the new head of Merrill Lynch (NYSE:MER). The announcement is expeted after the close.   This also follows reports from CNBC today.

Thain has also been a hopeful replacement for Citigroup (NYSE:C) as well, although it is no secret as why Thain would choose Merrill Lynch of Citigroup.  Anyone taking over the helm at Citigroup will be forced to announce thousands of layoffs across most divisions of the company, and they will be forced to evaluate the entire structure of a financial supermarket business model that Wall Street really hates.  Would you like to step in and announce thousands of layoffs across the board AND that you are taking a hatchet to the entire company?

At Merrill Lynch, Thain can merely migrate some of his hat tricks from the old Goldman Sachs (NYSE:GS) model, and migrate the inner workings of the NYSE.  Who cares if you have to be the one to kill a bunch of bond and derivative guys anyway.  They already know they are dead.

 

Douglas A. McIntyre

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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