john-thain-ousted-from-bank-of-america

John Thain ousted from Bank of America

The former Merrill CEO resigns after a meeting with BoA chairman Kenneth Lewis and following bonus revelations.
January 22, 2009
In a surprising, but not unfounded, move, John Thain was ousted from Bank of America late last night as criticism mounted about the US bankÆs acquisition of Merrill Lynch. Thain was CEO and chairman at Merrill at the time the takeover was agreed and was appointed president of global banking, securities and wealth management in the combined company in October, which among other things, gave him responsibility over the investment bank.

ThainÆs departure was confirmed by BoA with one line in a reasonably lengthy press release announcing that Brian Moynihan, the firmÆs general counsel, had been named president of global banking and global wealth and investment management. ôMoynihan replaces John Thain, who is leaving...
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