E. Stanley O’Neal, floated the idea of a merger with a large bank, a foray that angered Merrill’s board and could cost him his job, according to people close to the beleaguered Wall Street firm.The pressure on O'Neal ratcheted up to a fever pitch as this article and the story behind hit the news wires. More and more analysts and experts are floating possible names as O'Neal's potential successor should he be forced to go. Earlier today CNBC's On-Air Editor Charles Gasparino had a piece that stated,
Mr. O’Neal broached the possibility of a merger with Wachovia, the bank based in Charlotte, N.C., without first getting the approval of Merrill’s board, a major breach of corporate protocol at a time when directors were already concerned about the company’s performance, these people said.
Stanley O'Neal has told associates that he's likely to be ousted as CEO in the coming days as the big brokerage firm's financial problems mount ...Stay tuned
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1 comment:
The way things are going O'Neal might be gone by this weekend. I don't understand how O'Neal could have done something like discuss a merger without the approval of the Board. Does he want to be fired? If Merrill is interested in a merger there are several avenues they could pursue to start negotiations http://www.newsvisual.com/newsvisual/2007/10/could-merrill-l.html .
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