The choice of Dan Sontag to replace popular brokerage head Bob McCann at Merrill Lynch is being criticised by people familiar with the situation inside Merrill.
“Uninspired middle manager,” was one source’s description of him.
Others say that Sontag had a bit of a reputation as a tyrannical rule follower, bent on keeping others in his grip. “Nurse Ratched,” was one colourful description a familiar person used. Ratchet was Jack Nicholson’s nemisis in the film One Flew Over the Cukoo’s Next. She eventually has Nicholson’s character lobotomized.
Sontag is not expected by insiders to last long at the post. They expect that his appointment is more of a short-term or interim move.