October 2007 - Money Morning - Only the News You Can Profit From

O'Neal Finally Out at Merrill Lynch

  By Jason SimpkinsAnd William Patalon IIIMoney Morning Editors Just days after reporting the biggest quarterly loss in its history, Merrill Lynch & Co Inc. (MER) yesterday (Tuesday) forced out Chairman and Chief Executive E. Stanley "Stan" O'Neal, ending days of speculation about the embattled executive's fate. The New York-based Merrill has, in recent weeks, […]

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Global Investing Roundup

UBS Takes Credit Hit; Commodity Prices Dampen China Earnings; Bancolumbia Income Up 45%; HSBC Sells Credit Cards; Morgan Stanley Buys Japanese Beer… Swiss banking giant UBS AG (UBS) said yesterday (Tuesday) that it experienced a third-quarter net loss of $712 million, due in large part to difficulties in the U.S. mortgage securities markets. Most of […]

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Global Investing Roundup

Crude Surges as PEMEX Stumbles; Mitsubishi Electric Boosts Outlook; Fushi Finalizes Deal; Oriental Financial Reports Stellar Quarter From Staff Reports Crude-oil futures roared past $93 a barrel for the first time ever yesterday (Monday), closing at a record $93.53 a barrel on the New York Mercantile Exchange. Crude futures for December delivery hit an intraday […]

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Embattled Merrill Lynch CEO Ousted Over Losses, Merger Overtures

By Jason Simpkins And William Patalon III Money Morning Editors Stan O'Neal, the embattled chief executive officer of Merrill Lynch & Co. Inc. (MER) will be ousted at any time, with only the terms of his departure still to be finalized, according to published reports. Although some early reports yesterday (Monday) stated that O'Neal had […]

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Layoffs Hit an All-Time High in Financial Services Sector

By Jason Simpkins Associate Editor Merrill Lynch & Co. Inc. (MER) Chairman and CEO Stan O'Neal isn't the only worker in the U.S. financial-services sector with a job-security issue. Indeed, once his ouster becomes official, O'Neal will become just one more of the 130,000 casualties that have already made 2007 the worst year ever for […]

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