Teamwork needed, says new Merrill chief
John Thain will tackle the firm’s senior management culture, emphasizing a “team approach.”
John Thain, beginning his first day at Merrill Lynch today, will tackle the firm’s senior management culture, emphasizing a “team approach,” the Financial Times reported.
In an interview with FT, Mr. Thain said that he believed Merrill’s top executives did not cooperate enough and that this problem may have been a factor in the firm’s $8 billion write-down.
“Merrill has a strong culture, but they don’t have the same teamwork at the senior level,” he said to FT.
“It needs a more cooperative team approach.”
He also criticized Merrill’s risk management strategy, saying that the process “was found wanting and needs to be looked at,” according to FT.
Though Mr. Thain expects more write-downs for the sector, he said that this probably won’t lead to large layoffs at Merrill Lynch, FT reported.
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