Originally published October 29, 2007 at 12:00 AM | Page modified October 29, 2007 at 2:01 AM
E-mail article
Print viewExit of Merrill Lynch CEO reported to be imminent
Stan O'Neal, the beleaguered chief executive of Merrill Lynch, was reportedly close to resigning Sunday amid broad criticism for leading...
NEW YORK — Stan O'Neal, the beleaguered chief executive of Merrill Lynch, was reportedly close to resigning Sunday amid broad criticism for leading the world's largest brokerage to its biggest quarterly loss since its founding 93 years ago.
In a week that included a $7.9 billion write-down related to subprime mortgages and O'Neal's unauthorized overture to sell the company to retail bank Wachovia, the board reached consensus Friday for his dismissal, according to media reports.
O'Neal, 56, would become the highest-ranking casualty of the global credit crisis that swept through Wall Street's biggest investment banks during the third quarter.
An announcement of his departure could come by this morning, according to reports in The Wall Street Journal and The New York Times.
Copyright © 2007 The Seattle Times Company
E-mail article
Print view
Digg
Newsvine
Flood fears dampen business, home sales
A Bing deal for Microsoft, News Corp.?
Amazon, Wal-Mart escalate Web price war
Disney's new movie chief recasting studio
Madoff liquidator wants $22M for 5 months' worth
PNW Magazine | Easy As Pie
A little friendly competition between professional pie-baker Kate McDermott and The Seatttle Times' Kathleen Triesch Saul is handled with great taste.
Real Salt Lake wins MLS Cup
Raw Video | Real Salt Lake fans celebrate
Raw Video | Real Salt Lake receives the MLS Cup trophy
Real Salt Lake fans enter Qwest Field
Raw Video | MLS Cup Opening Ceremony
LA Galaxy's David Beckham
Real Salt Lake's Kyle Beckerman
MLS trophy arrives in Seattle
Chittenden Locks Inspection
- Illegal workers quietly let go
- Sprouts, raw fish on attorney's 'do not eat' list
- Jerry Brewer | Jerry Brewer: Seahawks can't lean on the Hutch Crutch now
- Woman stabbed by stranger in North Seattle
- Tattoos at Mill Creek church pierce skin, soul
- UW, WSU once again meet to see who's worse
- Food-safety lawyer's wish: Put me out of business
- Husky Football Blog | Ranking the Pac
- Vikings easily beat the Seahawks
- Tugboat sinks at Seattle waterfront pier
- Illegal workers quietly let go
408 - Climate change speeds up since 1997 Kyoto accord 215
- Metro won't cut bus service after all 160
- New Husky recruit: Enes Kanter 106
- Bellevue residents blast new bikini espresso stand 96
- Middleton says Huskies "plan on scoring at least 50 points'' Saturday 86
- Tattoos at Mill Creek Church pierce skin, soul 85
- Seattle woman charged with knife attack on boyfriend's ex 77
- Jerry Brewer: Seahawks can't lean on the Hutch Crutch now 75
- Senate Democrats split on health bill's fate 58
- Sprouts, raw fish on attorney's 'do not eat' list
- Tattoos at Mill Creek church pierce skin, soul
- Food-safety lawyer's wish: Put me out of business
- Illegal workers quietly let go
- Architects, chefs find 'kid' within to build Gingerbread Village
- Rediscovering Moab, 'the most beautiful place on Earth'
- Hutch gets $10M from Bezos family for immunotherapy research
- UW, WSU once again meet to see who's worse
- Children in home day care watching hours of TV, study says
- Taste | The Great Pie Bake-off pits friends and fruit
