It seems that Bank of America didn’t really appreciate that unexpected $15.4 billion dollar 4th quarter loss by Merrill Lynch — because its former CEO, John Thain has been shown the door.
Thain, who in September negotiated the sale of Merrill with Bank of America CEO Kenneth Lewis, “agreed his situation was not working out and that he should resign,” said Robert Stickler, a Bank of America spokesman, in an e-mail.
Bank of America has been taking a lot of heat for purchasing Merrill Lynch, a deal that forced Bank of America to ask for a “second multibillion dollar investment from the government as it absorbed the mounting losses at the New York-based investment bank,” says the AP.
The Wall Street Journal is even speculating that Bank of America and Citigroup may have to be nationalized.
We wonder who’ll get his fancy ass office.
Ex-Merrill Lynch CEO Thain Agrees to Leave Bank of America [Bloomberg]
What if Uncle Sam Takes Over Your Bank? [WSJ]