John Thain gets a warmer welcome at Merrill Lynch

John Thain, the new CEO of Merrill Lynch, has so far escaped the kind of criticism that is dogging Vikram Pandit before he even starts. MarketWatch puts it this way: "Most agree that Thain, 51, was the best "get" of the bunch. His track record in turning around the NYSE ..., the relatively easy task before him at Merrill make him the most likely to achieve success." I'm not sure Thain would agree that the task will be "easy." He's got to figure out the risk management mess and re-order around the most appropriate markets. Most people expect him to deploy the balance sheet in Goldman Sachs-like fashion. But I would suggest that's much harder said and done. And he must win over the brokerage unit. But the world seems to think he is up for the job. I agree.  

For more:
- here's the MarketWatch piece
- The New York Post reports bonuses in the Merrill Lynch bond division will be up to 70 pecent lower than last year. Article 

Related articles:
- John Thain was the man everyone wanted
- Culture clash brewing at Merrill Lynch?