At this point, all John Thain does is write memos announcing that his "friends" are runningfor the exits. Today is no exception. Will he start doing so for the mini Merrills leaving less voluntarily? We have it on good authority he just might.
From: ML COMMS GROUP ALERT
Sent: Thursday, January 08, 2009 5:17 PM
Subject: Greg Fleming to Leave the Firm
A message from John Thain, president of Global Banking, Securities & Wealth Management:
Greg Fleming to Leave the Firm
Greg Fleming, head of Global Corporate, Commercial and Investment Banking (GCCIB) and former president and chief operating officer of Merrill Lynch, has informed me of his decision to leave the firm to become the Senior Research Scholar and Distinguished Visiting Fellow at Yale Law School.
Greg was appointed president and chief operating officer of Merrill Lynch in June of 2007. Greg displayed tremendous leadership during a very difficult environment for both the firm and the industry and was instrumental in helping guide Merrill Lynch through a number of challenging events, culminating in negotiations to be acquired by Bank of America. I also want to thank Greg for his work during the merger transition in helping to establish an outstanding platform and leadership team for the Global Corporate, Commercial and Investment Banking Group.
Greg told me: "Merrill Lynch has been my professional home for the past 16 years, and I leave with mixed emotions. I have tremendous respect and admiration for the company, its culture, my colleagues and our clients around the world. As difficult as this decision is, I simply felt that this was the right time for me to look toward a different set of challenges."
Prior to becoming president and chief operating officer of Merrill Lynch, Greg played a major role in building a top-tier investment bank at the firm. From 2003 to 2007, he was executive vice president and co-president of Global Markets and Investment Banking and also led the Global Financial Institutions Group. He was a managing director of Global Investment Banking from 1998 and ran the United States Financial Institutions Group from 1999 to 2003. He joined the firm in 1992.
Greg has been a friend and mentor to many at Merrill Lynch and I know that you join me in thanking Greg for his service and in wishing him and his family every happiness in the future.