Stanley O'Neal, even as he took Merrill Lynch to new heights, was never really seen as a brokerage guy. He was more of a banker-trader guy. Of course Merrill Lynch's brokerage force has a long history and still ranks near the top of the industry. In John Thain, they're getting a big-time investment banking type, who will have to work hard to win over the brokers. Truth be told, most investment bankers and traders bankers look down on stock brokers. But Thain is too smart not to woo this internal constituency. It can work. All he has to do is look at John Mack's success at Morgan Stanley.

For more:
- here's an AP article

Related articles:
- Forcing the succession issue at Morgan Stanley
- How Goldman envy felled Merrill Lynch

Read more on: Merrill Lynch l Stanley O'Neal l Morgan Stanley l John Thain