John Thain, Bank of America’s former president of global banking and global wealth investment management and the ex-CEO of Merrill Lynch, resigned last week. Though there were many reasons, one of the key ones was Bank of America CEO Kenneth Lewis' purported unhappiness with the fact that, during the merger with Bank of America, it was a transition team that reported Merrill’s fourth-quarter losses, not Thain.
Oh, and Thain asking for a $10 mn bonus in the face of financial tremors didn’t help much. Then there was that untimely December vacation in Vail, Colorado, where he worked amid the ski slopes while the bank struggled under major financial losses. Should the former NYSE CEO still be interested, he’ll have some time freed up to take another trip the bank warned him against, to Davos, Switzerland, which hosts the World Economic Forum now through February 1.
If he does show up, it will certainly be a whirlwind of ‘this could’ve worked in hindsight’ moments for Thain, where he’ll receive all sorts of ill-timed bonuses that could even include tips on how to save beleaguered banks.
By Janine Armin
Corporate Secretary magazine