As we predicted this morning, Merrill Lynch boss Dan Sontag is out.
FT: In a joint call on Tuesday with the management team responsible for Merrill’s “thundering herd” of 15,000 financial advisers, Mr Sontag, a 32-year veteran of Merrill, said he was retiring, but pledged his support for Ms Krawcheck.
“We’ve worked through the major challenges we had to get through and now I ask all of you to step up to the plate and drive the business to where we know it can go”, Mr Sontag said to his team. “I’ve offered Sallie any help I can provide and ask the leadership team to give Sallie the same support you gave me.”
Sontag’s departure has been coming down the pike for the past few months, though Merrill has always denied our reports. It appears the decision to put Sallie Krawcheck, formerly of Citi, at the helm of BofA’s wealth management was the final straw.
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