More Videos
- GM Removes CEO Henderson; Whitacre is Interim Chief
- Who Were the Biggest Winners And Losers This Year?
- Look Ahead: Markets Count Down to US Jobs Report
- GE, Comcast Complete Deal Over NBC Universal: Source
- US May Raise Rates Before Jobs Recover: Fed's Plosser
- Cramer: Watch Tech Stocks Wednesday
- Stocks Likely Don't Need Santa to Keep Rally Going
- Super Fantasy Christmas Gifts of 2009
- Larry Kudlow's Open Letter to Tiger Woods
- Unemployment to Peak at 10.5%: Moody's Economist
- 8 Stocks to Gain on Obama's Afghan Plan: Analysts
- BofA On Proposed Changes In The Housing Bailout Program
- The Future of The Media Landscape
- November Auto Sales Muddle Along
- Busch: What Obama Won't Say Tonight
- Stick with Equities—Avoid Emerging Markets: Laszlo Birinyi
- Pfizer Chomps On A Carrot
- Predictions 2010: Technology
MOST SHARED
- GE, Comcast Complete Deal Over NBC Universal: Source
- Keeping America Great
- New Incentive To Improve... Your Home, That Is!
- Japan Business Mood at One-Year High: Reuters Tankan
- Lightning Round OT: Incyte, Randgold Resources and More
- Look Ahead: Markets Count Down to US Jobs Report
- Australia Parliament Rejects Carbon Trade Laws
- Predictions 2010: Technology
Text Size 
Greg Fleming, co-president of Merrill Lynch and head of its investment banking unit, has offered his resignation to the firm, sources told CNBC, only days after Merrill completed its merger with Bank of America.
The development follows the departure, announced earlier this week, that Merrill's brokerage head, Bob McCann, would leave the company.
The departure of Fleming, like that of McCann, has less to do with any cultural rift with Bank of America than with ongoing tensions with John Thain, Merrill's chief executive and president of Bank of America's global banking.
Thain, a former Goldman Sachs executive, joined Merrill in 2007.
The loss of Fleming, like that of McCann, could be devastating for Merrill, as both men have wide followings within the firm's workforce.
Fleming, who was co-president of Merrill under former Chief Executive Officer Stanley O'Neal and had been for more than 20 years, specialized in giving merger advice to financial institutions. He was the driving force behind the deal with Bank of America [BAC
Loading...
()
], prodding Thain into the merger in September as Merrill shares fell on fears about the firm's exposure to mortgage-related debts and its business model, which depended on heavy borrowing to finance its operations.
Merrill Lynch had no comment. Fleming could not be reached for comment.
Unlike McCann, who was moved down a notch in the new management structure at Bank of America and was to report to a manager below Thain, Fleming was to continue reporting directly to Thain.
Sources told CNBC that Thain had been trying to convince Fleming to remain with Merrill, but Fleming has secured a position at senior resident scholar at Yale University.
Under a non-compete agreement, Fleming can't work for any Merrill rivals for six months, but he may return to the industry after that time.
Print
Email
- Will the Fed raise rates? Will the dollar continue its slide? CNBC experts weigh in on the year ahead.
- Goldman Sachs has forbidden employees from gathering in private holiday parties of 12 or more.
- Do you have what it takes to run your own business? Ask yourself these questions.
- Heavily armed pirates in Somalia have set up a sort of stock exhange to fund their hijackings.
- Since its launch in 1998, Google has become a primary force on the Internet. How much do you know about the company?
- A famed author has written all his work on an old typewriter that is now up for auction. The NYT reports.
Data is a real-time snapshot *Data is delayed at least 15 minutes