Merrill appoints replacement for O'Neal

John Thain has been appointed chief executive officer of Merrill Lynch, replacing Stan O'Neal, who retired on October 30 after the bank announced a larger than expected $7.9 billion write-down of due to US subprime mortgage exposure.

Thain, who joined on December 1, was formerly at NYSE Euronext, where he was chief executive. Before that, he was president and chief operating officer at Goldman Sachs, having also been the chief financial officer at the bank.

O'Neal stepped down after the bank

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