Former Merrill head Thain out at BofA

[Eugene]

Source: Reuters

Former Merrill head Thain out at BofA
Thu Jan 22, 2009 2:32pm EST

By Jonathan Stempel and Elinor Comlay

NEW YORK (Reuters) - John Thain, former chief
executive of Merrill Lynch, has been ousted from Bank
of America Corp, just three weeks after the companies
merged.

Bank of America Chief Executive Kenneth Lewis expressed
dismay last week about the scope of losses from mortgages
and toxic debt on Merrill's books. Investors and analysts
said the losses made Thain's position as head of global
banking, securities and wealth management more tenuous.

"Ken Lewis flew to New York today, met with John Thain,
and it was mutually agreed that his situation was not
working out, and he would resign," Bank of America
spokesman Robert Stickler said. The resignation is
effective immediately. Thain could not be reached for
comment immediately.

Bank of America shares fell 6.4 percent in afternoon
trading.

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Read more: http://www.reuters.com/article/topNews/idUSTRE50L4C720090122