Merrill Lynch

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Stocks Inch Up After Fed Action
Stocks Inch Up After Fed Action
MARKETS
Dec 12, 2007 3:29 PM CST

Stocks Inch Up After Fed Action

Bad news and lingering doubts about yesterday's cut keep rally tame

(Newser) - Stocks gained slightly after the Fed's decision to join four other central banks in pumping cash into the global financial system. Following yesterday's plunge of nearly 300 points after the Fed cut interest rates by only a quarter-point, the Dow gained 41.13 to close at 13,473.90. The...

NY Subpoenas Wall Street Heavies in Subprime Probe

Cuomo looking into firms' risk assessment

(Newser) - Several high-profile Wall Street firms that packaged and sold subprime mortgages have been subpoenaed by New York prosecutors, the Wall Street Journal reports today. Merrill Lynch, Bear Stearns, and Deutsche Bank—among others—will be asked to explain how the offerings were reviewed before they were sold to investors, and...

Stocks Fall on Credit Worries
Stocks Fall on Credit Worries
MARKETS
Dec 4, 2007 3:39 PM CST

Stocks Fall on Credit Worries

JPMorgan says earnings will drop at big brokerages

(Newser) - Stocks fell again today after JPMorgan Chase predicted that profits would drop at big brokerages. Meanwhile, lower oil prices lowered earning prospects for energy companies, reports Bloomberg. "Until credit loosens up, you can't get a solid footing in the market," says a manager. The Dow was down 65....

Financials Drag Dow Down
Financials Drag Dow Down
MARKETS
Dec 3, 2007 3:38 PM CST

Financials Drag Dow Down

Good vibes on mortgage deals steady markets

(Newser) - Bad news in the financial sector today meant the first bearish day for the market in five sessions, as Deutsche Bank’s negative prediction for fourth-quarter earnings pushed Morgan Stanley, Merrill Lynch, and Lehman Brothers downward. The Dow fell 57.15 to 13,314.57, the Nasdaq slid 23.83...

Computers Thin Ranks of NYSE Floor Traders

Iconic backdrop 'dead' as shares trade electronically

(Newser) - The famously frenetic NYSE trading floor is rapidly becoming history as more efficient computer trading replaces human traders. With most of the exchange's trading rooms shuttered, only two trading halls stay open to the 1,500 remaining traders, whose numbers are dwindling, AFP reports. "The floor as we knew...

Goldman Leads Wall Street Bonus War
Goldman Leads Wall Street Bonus War
Nov 19, 2007 11:56 AM CST

Goldman Leads Wall Street Bonus War

Under pressure to keep talent, losing firms shell out big

(Newser) - The Big Five Wall Street securities firms will pay $38 billion in bonuses this year—up from $36 billion last year—while shareholders tote up $74 billion in losses, their worst year since 2002, Bloomberg reports. All but Goldman Sachs lost more than 20% of their market value, says an...

Dow Up After Roller-Coaster Day
Dow Up After Roller-Coaster Day
MARKETS
Nov 16, 2007 3:44 PM CST

Dow Up After Roller-Coaster Day

Bad news doesn't halt rally; markets end week up

(Newser) - The major indexes closed up today after erratic trading as bad news on industrial production and new negative forecasts failed to halt an end-of-week rally. The Dow gained 66.74 to 13,176.79, the Nasdaq climbed 18.73 to 2,637.24, and the S&P 500 closed at...

In Thain, Merrill Picks CEO as Risk Manager

Chosen for steady hand in unsteady times

(Newser) - The choice of NYSE's John Thain as Merrill Lynch's new CEO signals a focus on a new kind of manager for the financial giant, the Wall Street Journal observes: a strong risk manager. A low-key, detail-oriented veteran, Thain resembles the top execs of the firms least damaged by the subprime...

Niederauer Will Succeed Thain at Big Board

Current COO has been with NYSE only a few months

(Newser) - Duncan Niederaurer, current co-COO and president of the New York Stock Exchange, is poised to replace John Thain as CEO of the Big Board, reports the Wall Street Journal.  Thain is expected to be named CEO of Merrill Lynch, replacing the departing Stan O'Neal. NYSE is expected to make...

John Thain to Be Merrill CEO
John Thain to Be Merrill CEO
Nov 14, 2007 12:18 PM CST

John Thain to Be Merrill CEO

Former Goldman honcho took the NYSE public

(Newser) - Merrill Lynch will name NYSE chief John Thain as its CEO as soon as today, an insider tells the Wall Street Journal. The former Goldman Sachs president, on Merrill’s shortlist since Stan O'Neal was shown the door two weeks ago, was also under consideration for Citigroup’s top post....

Street Foresees Very Good Year
Street Foresees Very Good Year  
Nov 13, 2007 12:44 PM CST

Street Foresees Very Good Year

Amid chaos, $28B in earnings marks the second best in history

(Newser) - Despite $45 billion in subprime writedowns, rolling CEO heads, and an $84 billion drop in market value, Wall Street will somehow post its second-most-profitable year ever, reports Bloomberg. “As the bombs are dropping and the mines are exploding, it's a bit of a surprise,'' said an investment banker....

Wall Street Bonuses In for a Fall
Wall Street Bonuses In for a Fall
Nov 7, 2007 3:50 AM CST

Wall Street Bonuses In for a Fall

Extra pay could drop in half for some senior bond traders

(Newser) - Wall Street's multi-million-dollar bonuses are likely to take a hit for the first time in five years, with extra pay dropping in half for some senior sellers of mortgage-backed securities, according to the Wall Street Journal. Traders in stocks and commodities are expected to do better than those working with...

Black Fortune 500 CEOs in Short Supply

Departure of Merrill, Time Warner chiefs knocks total to four

(Newser) - The departure of Dick Parsons from Time Warner and Stan O'Neal from Merrill Lynch has reduced the already sparse population of African-American CEOs running Fortune 500 companies to an extremely paltry four, reports AP. CEOs of any color have a short shelf life, and the small numbers of black chiefs...

Why the CEO Talent Pool Is So Small

As Citi, Merrill searches show, Wall Street is now a tough place to grow managers

(Newser) - With Citigroup and Merrill Lynch both suddenly searching for new CEOs, the Wall Street Journal looks at why the list of contenders for the top jobs at Wall Street's biggest firms is so short. Start with an earn-or-die corporate culture, which taints talented chief executives who fail to deliver in...

Same Missteps Felled 2 Wall Street Stars

Prince, O'Neal gambled they could ride out subprime storm

(Newser) - With the CEOs of two financial giants making their exits within a week of each other, the Financial Times looks at the similarities in the undoing of Citigroup's Chuck Prince and Merrill Lynch's Stan O'Neal. Both struggled unsuccessfully to change corporate cultures, making enemies along the way, and both invested...

Stocks Edge Up on Mixed Day
Stocks Edge Up on Mixed Day
Nov 2, 2007 3:34 PM CDT

Stocks Edge Up on Mixed Day

Turmoil besets financial sector

(Newser) - The major indexes saw small gains today despite turmoil in the financial sector and skepticism about a positive jobs report.  The Dow climbed 27.23 points to 13,595.10, the Nasdaq added 15.55 to close at 2,810.38, and the S&P 500 gained 1.21...

Merrill Hedging Prompts Inquiry
Merrill Hedging Prompts Inquiry
Nov 2, 2007 7:55 AM CDT

Merrill Hedging Prompts Inquiry

SEC seeks info on delayed mortgage reckoning

(Newser) - Merrill Lynch, still reeling from an $8.4 billion write-down on mortgage-related losses last month, has been making deals with hedge funds that may have been calculated to keep further losses out of investors' view, the Wall Street Journal reports. The move has attracted the attention of the SEC, which...

It's Official: O'Neal Out
It's Official: O'Neal Out
Oct 30, 2007 10:42 AM CDT

It's Official: O'Neal Out

CEO ousted after subprime writedowns, backdoor merger talks

(Newser) - Merrill Lynch CEO Stan O’Neal is retiring effective immediately, the company announced today, shocking no one. Merrill characterized the ouster as a mutual decision, but massive subprime losses and takeover indiscretions clearly marked O’Neal for the chopping block. Terms of the exit package were not disclosed, but it's...

O'Neal Exit Package Is All That's Left

Lawyers crafting golden parachute for Merrill CEO after $8.4B losses

(Newser) - CEO Stan O’Neal has leaped from the flames of Merrill Lynch after its $8.4 billion write-down last week, but nobody yet knows the size of his golden parachute, writes the Wall Street Journal. Teams of lawyers are negotiating an exit package that may exceed $160 million, reflecting 21...

Exxon Gives Markets a Boost
Exxon Gives Markets a Boost
Oct 29, 2007 3:47 PM CDT

Exxon Gives Markets a Boost

Hopes for Fed rate cut, O'Neal ouster buoy stocks

(Newser) - Stocks rose again today as Exxon Mobil rode record crude prices to its greatest gains in 3 weeks, Bloomberg reports. The Dow was up 63.56 to 13,870.26, the Nasdaq 13.25 to 2,817.44, and the S&P 500 5.70 to 1,540.98. Continuing...

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