BARTIROMO: IN TERMS OF CONTINUING TO INCREASE AND IMPROVE THE EQUITY BASE, WHAT ABOUT CONSIDERING SELLING THE 20% STAKE IN BLOOMBERG?

THAIN: WE LOOKED AT THAT AND DECIDED WE DIDN'T WANT TO DO THAT. YOU CAN LOOK AT THE EARNINGS STREAM THAT COMES OFF THAT BLOOMBERG STAKE. WE DECIDED WE WANTED TO KEEP IT.

BARTIROMO: WHAT ABOUT RESIZING THE FIXED INCOME BUSINESS? MORE CUTS TO COME?

THAIN: WE HAVE CUT HEAD COUNT ACROSS FIXED INCOME OVERALL, MOSTLY IN THE MORTGAGE ORIGINAL TION SIDE.THE CURRENCY AREA HAD A GREAT YEAR. THE RATES AREA HAD A GREAT YEAR.BOTH HAD RECORD YEARS. WE ARE OPTIMISTIC ABOUT OUR COMMODITY BUSINESS AND COMMERCIAL MORTGAGE BUSINESS. I DON'T THINK YOU'LL SEE SIGNIFICANT HEAD COUNT REDUCTION.

BARTIROMO: IN THE BLACK ROCK STAKE WOULDYOU CONSIDER SELLING ANY OF IT AFTER OCTOBER OF '09?

THAIN: NO. THAT'S A STRATEGIC STAKE AND IT'S IMPORTANT TO US GOING FORWARD. IT FITS VERY WELL WITH OUR HIGH NET WORTH BUSINESS.

BARTIROMO: WE'LL TAKE A SHORT BREAK.WE'RE LIVE. WE WANT TO GET TO THE OPENING BELL. WE'LL CONTINUE TALKING ABOUT THEMERRILL LYNCH BUSINESS WITH JOHNTHAIN. ON THE "CLOSING BELL" YOU'LL HEAR ABOUT THE RETAIL BUSINESS. THANKS FOR JOINING US ON "SQUAWKON THE STREET," JOHN.

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