First Dow Kim, head of GMI, now Stan O’Neal, CEO, Merrill Lynch is dismissing its top execs left and right. I’ve been a big fan of both, especially O’Neal, being the first non-caucasian CEO of a bulge-bracket and his drastic changes when he took the lead at Merrill in 2002. He was one of the top reasons I chose the firm to start my career.
But that’s not the end of the story: layoffs are happening everywhere, bulge-bracket or not, thanks to subprime. I don’t have any friends affected yet. Best of luck to those that are.