Merrill brings Thain to helm

Thain, who joins on December 1 this year, is now at NYSE Euronext, where he is chief executive officer. Before that, he was a president and chief operating officer at Goldman Sachs, having also been the chief financial officer at the bank.

Merrill was forced to report an additional $5.7 billion of exposure to the subprime market on November 7 through two subsidiaries: Merrill Lynch Bank USA and Merrill Lynch Bank & Trust.

See also: Morgan Stanley and Merrill Lynch reveal billions more subprime damage
O'Neal 'retires' as Merrill CEO after $8 billion writedown

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