Chief Executive of Merrill Lynch, John Thain, in his first big move named Nelson Chai CFO. Mr. Chai was his former finance chief at NYSE.
Mr. Chai will start his new position new week.
The previous CFO Jeffrey Edwards will remain on with Merrill Lynch in a new executive position which is still unknown.
Most of these decision are directly related to management changes due to a reported almost $8 billion in credit costs only a few weeks after estimating them at $4.5 billion.
Former CEO Stan O'Neal was fired in November on the heels of many other Wall Street executive cuts due to the subprime mortgage debacle.
Thain expressed with confidence that Mr. Chai will be successful at Merrill Lynch.
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