Thursday January 22, 07:39 PM
Ex-Merrill Lynch boss quits Bank of America
WASHINGTON (AFP) - John Thain, the former chief executive of loss-ridden Merrill Lynch (NYSE: MER - news) taken over by Bank of America (NYSE: IKJ - news) , resigned Thursday from the bank, in which he has been head of global banking, securities and wealth management, an official said.
Thain tendered his resignation to Bank of America chief executive Kenneth Lewis.
"I can confirm that Ken Lewis flew to New York today to talk to John Thain and it was mutually agreed that his situation was not working out and he would resign," bank spokesman Robert Stickler told AFP in an email.
Thain was given the new post in Bank of America after it acquired Merrill Lynch on January 1 amid financial turmoil that wreaked havoc on American financial institutions.
The relationship between Lewis and Thain soured as the Bank of America head allegedly grew increasingly frustrated over Thain's insufficient grasp of the firm's operations, according to The New York Times.
The final straw for Lewis may have been the decision by Thain to make an earlier-than-usual bonus payout to Merrill employees, just three days before the merger closed on January 1, the newspaper said in an online report.
Thain is the latest in a series of Merrill executives to leave after the takeover.
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