Bank of America has fired former Merrill chief John Thain as head of investment banking, according to the Financial Times.
The former head of the New York Stock Exchange helped finalize the sale of Merrill Lynch to BoA as the investment bank suffered immense losses. Since the deal, Merrill’s losses have become much worse than expected. Ken Lewis, Bank of America chief, flew to New York to deliver the news personally to Thain, according to the report.
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