Thain to stay at Bank of America

October 2, 2008 | By Jim Kim

The CEO merry-go-round has been in overdrive in the financial securities industry. John Thain, who was brought on as CEO of Merrill Lynch to a lot of fanfare, looked like he would be another short-termer after he was essentially forced by events into a deal with Bank of America. Some speculated he would leave after the deal was struck. But the Financial Times reports that he will stay on as president of global banking, securities and wealth management. Immediately, you have to wonder if Thain is the guy who the Bank of America board is eyeing as the replace for current CEO Ken Lewis, 62. It looks like he will be given every opportunity to prove that he's their man. As of now, however, he is one of ten executives who report to Lewis.

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