Merrill co-prez said to leave firm
Merrill Lynch co-president Amass Fakahany is expected to step down today, according to a report by CNBC.
Merrill Lynch co-president Amass Fakahany is expected to step down today according to a report by CNBC, which did not cite a source.
Mr. Fakahany oversaw Merrill’s market risk management from March of 2005 to May 2007.
The report cited Mr. Fakahany’s involvement with the $14 billion loss to the company in write-downs tied to risky subprime debt under the previous CEO, Stan O’Neal.
CNBC also reported that new Merrill chief executive John Thain has embarked on a cost-cutting crusade involving many liquidations at the investment firm.
Brokers would not be the first targets of these cost-cutting layoffs, according to a report.
Merrill Lynch did not return a call for comment.
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