Despite a $9.8 billion fourth-quarter loss, Merrill Lynch chief executive John Thain said his firm is “very well positioned” for growth in 2008.
Mr. Thain gave his optimistic assessment for the New York-based firm during an interview at the World Economic Forum in Switzerland on Jan. 25, Bloomberg reported.
``The market volatility has been very good for our business,” said Thain in the interview.
“Merrill Lynch is looking to grow in markets including Brazil, Russia, India and China.”
Thain has replaced senior executives and taken steps to replenish capital during the past month by raising $12 billion from outside investors.
Thain joined Merrill Nov-07, replacing Stan O'Neal, whose gamble on building the subprime- mortgage business backfired as U.S. homeowner defaults surged to a 20-year high.
Mr. Thain also appointed Noel Donohoe to be the firm’s co-chief risk officer on Jan. 17 to work alongside Edmond Moriarty.
On Jan 28, Merrill Lynch & Co Co-President Ahmass Fakahany was set to resign. Fakahany oversaw Merrill's market risk management from March 2005 until May 2007, when he was named co-president with Greg Fleming, a star investment banker at the company.
Mr. Thain gave his optimistic assessment for the New York-based firm during an interview at the World Economic Forum in Switzerland on Jan. 25, Bloomberg reported.
``The market volatility has been very good for our business,” said Thain in the interview.
“Merrill Lynch is looking to grow in markets including Brazil, Russia, India and China.”
Thain has replaced senior executives and taken steps to replenish capital during the past month by raising $12 billion from outside investors.
Thain joined Merrill Nov-07, replacing Stan O'Neal, whose gamble on building the subprime- mortgage business backfired as U.S. homeowner defaults surged to a 20-year high.
Mr. Thain also appointed Noel Donohoe to be the firm’s co-chief risk officer on Jan. 17 to work alongside Edmond Moriarty.
On Jan 28, Merrill Lynch & Co Co-President Ahmass Fakahany was set to resign. Fakahany oversaw Merrill's market risk management from March 2005 until May 2007, when he was named co-president with Greg Fleming, a star investment banker at the company.
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