Originally published October 29, 2007 at 12:00 AM | Page modified October 29, 2007 at 2:01 AM

Exit 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...

By The Associated Press

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.

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