Reports indicate that Stan O'Neal, Merrill Lynch's CEO for the past five years, is very close to resigning as early as Sunday night(October 28) or Monday morning (October 29). O'Neal has recently received a lot of criticsm, as he has been blamed for Merrill's $7.9 billion write down related to the sub-prime mortgage crisis and his unauthorized attempt for a possible merger with Wachovia. The write-down represents Merrill's largest loss in its 93 year history.
Investors have seen Merrill Lynch's Stock drop as much as 30% this year, and will be extremely interested to see who will replace O'Neal. Rumors indicate that Merrill will conduct an extensive internal and external search for possible replacement candidates.
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