Merrill’s Thain waxes rosy at Davos

Despite a $9.8 billion fourth-quarter loss, Merrill Lynch's CEO said his firm is “very well positioned” for growth in 2008.

Despite a $9.8 billion fourth-quarter loss, Merrill Lynch chief executive John Thain said his firm is “very well positioned” for growth in 2008.
Mr. Thain gave his optimistic assessment for the New York-based firm during an interview at the World Economic Forum in Switzerland on Jan. 25, Bloomberg reported.
“The market volatility has been very good for our business,” said Thain in the interview.
“Merrill Lynch is looking to grow in markets including Brazil, Russia, India and China.”
Since taking over for Stan O’Neal on Nov. 2 following steep losses in subprime-mortgage investments, Mr. Thain has worked to raise billions from global investors for the New York-based advisory firm (InvestmentNews, Dec. 26).
Mr. Thain also appointed Noel Donohoe to be the firm’s co-chief risk officer on Jan. 17 to work alongside Edmond Moriarty.