Skip to main content

Thain Going Old School At Merrill

  • Author:
  • Updated:

John Thain's plan to revive the fortunes of Merrill Lynch apparently involves undoing some of the slash and burn work of Stan O'Neal, who was widely criticized for forcing out some of the most popular executives at the brokerage. This morning the Wall Street Journal reports that he is bringing back former top bond guy Jeffrey Kronthal. J. Kro will be working as a consultant on subprime portfolio.
But here's where we have to get a bit personal, and for like the third time this morning depart from our usual royal we style. You see, J. Kro apparently got a standing ovation when he appeared on the Merrill trading floor yesterday, and not one of you shared this with us. Bess almost declared an all day blackout on Merrill news when she heard this. Trading floor action is one of the things we're supposed to be good at, lads and lasses, but we can only do this with your help. So, at least until Bess gets back this afternoon, we're not going to black out Merrill news. But you people had better fire up those emails because I don't know if I'll be able to talk her down from this when she gets back.
That said, the end of the Journal's piece on J. Kro's return reads like a help wanted ad: "John Thain, who became Merrill chief executive at the start of December, is seeking senior trading and risk-management executives to oversee the firm's trillion-dollar balance sheet."
Kronthal to Return As Merrill Adviser [Wall Street Journal]