John Thain Confirms Merrill's Arizona Retreat New CEO Pimps The Brokers

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John Thain's comments on today's earnings conference call confirm reports that Merrill Lynch's new chief executive plans to rely on the brokerage business to restore the profitability and reputation of the company. We've been reporting that John Thain's new plan for Merrill Lynch will include a new emphasis on core strength's, primarily its wealth management business.
Describing Merrill as "a world class franchise." Thain went on to say that he has been very impressed with the commitment on employees to the company. He immediately began talking about the strength of Merrill's culture which he saw at a conference in Arizona. That's the same conference of managers of the firm's wealth management business that DealBreaker first reported earlier this week.
“I have been very impressed with how many of the Merrill employees talk about their commitment to the company and talk about their long tenure at the company," Thain said.
This is a one-hundred and eighty degree turnaround from the way that former CEO Stan O'Neal talked about his firm. This kind of emphasis on the brokers is meant to boost morale with a sign of respect to Merrill's legendary thundering herd.

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