Recommended Reading - Merrill, Citi chiefs tap former employers

Wednesday May 7th's Financial Times had an intriguing article by Ben White that examined Cit and Merrill's new CEOs' attempts to hire top talent from their previous employers and re-shape their firms accordingly.

... The moves have been controversial within both banks, with incumbent executives pushed out or moved into new roles.

At Merrill, John Thain has hired a string of former Goldman executives including Peter Kraus to head strategy, Thomas Montag to run global sales and trading, and Noel Donohue to co-head risk management. Some on Wall Street have taken to referring to the bank as Merrill Sachs.

... At Citigroup, Vikram Pandit has hired several former colleagues at Morgan Stanley, including John Havens as chief executive of the investment bank and hedge fund businesses; Don Callahan as chief administrative officer; and Brian Leach as chief risk officer.

The piece is a worthwhile quick read.

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