O’Neal leaves Merrill following $8bn writedown

Merrill Lynch chairman and chief executive Stan O’Neal left the bank at the end of October. The bank released a statement on October 30 saying O’Neal had decided to retire with immediate effect. Merrill revealed a $7.9 billion writedown a week before O’Neal’s departure.

Alberto Cribiore has been elected interim non-executive chairman and will head the bank’s search for a new chief executive. Cribiore has been on the board since 2003 and Merrill says he will be interviewing internal and external

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