Transcripts

The NYSE's Loss is Merrill Lynch's Gain

SUSIE GHARIB: Merrill Lynch has a new boss. He's John Thain, head of the New York Stock Exchange. The brokerage firm said late today that Thain will become chairman and CEO on December 1. He replaces Stanley O'Neal who was forced out two weeks ago, after Merrill reported huge write- downs and losses related to bad bets on sub-prime mortgage investments. Thain acknowledged that only one part of Merrill is quote broken. He said it needs better risk management, adding that quote, they are problems I know I can fix. Earlier in his career, Thain worked on the mortgage bond desk at Goldman Sachs and later became president of that firm.

Meanwhile, the new CEO here at the big board is Duncan Neiderauer, who steps up from his current post as chief operating officer. Thain is credited with transforming the NYSE into a global exchange, increasing electronic trading and taking it public.