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Merrill Lynch names new CEO

Merrill Lynch names new CEO

The Associated Press
NEW YORK - Merrill Lynch picked New York Stock Exchange chief John Thain as its leader. Thain is expected to guide the world's largest brokerage through the unfolding credit market turmoil that threatens Wall Street's biggest investment houses.
Merrill Lynch's appointment of Thain, 52, as its chairman and chief executive officer comes two weeks after the ouster of Stan O'Neal. Merrill reported a $2.24 billion loss during the third quarter, the largest in its 93-year history.

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