New York - John Thain, the former head of Merrill Lynch who resigned January 22 after record losses at the brokerage, will repay 1.2 billion dollars spent on redecorating his office last year, he told CNBC Monday evening.
Thain, 53, stepped down from the brokerage last week after it registered even sharper losses than had been anticipated. The former investment bank had already been brought up by Bank of America last year in an effort to save Merrill Lynch in the midst of the ongoing financial crisis.
New York - After crushing quarterly losses of 15.4 billion dollars, John Thain, the one-time head of Merrill Lynch, Thursday stepped down from head of the brokerage that was rescued by Bank of America in 2008.
Bank of America named Brian Moynihan to replace him, a top manager for the bank.
Thain negotiated Merrill's 50-billion-dollar sale to Bank of America in September, amidst the dizzying and urgent efforts to keep US financial institutions afloat amidst the plunging mortgage crisis.
New York - John Thain, the former head of Merrill Lynch who resigned January 22 after record losses at the brokerage, will repay 1.2 billion dollars spent on redecorating his office last year, he told CNBC Monday evening.
New York - After crushing quarterly losses of 15.4 billion dollars, John Thain, the one-time head of Merrill Lynch, Thursday stepped down from head of the brokerage that was rescued by Bank of America in 2008.
