Merrill Lynch's O'Neal Takes the Hit

The financial giant's CEO took full responsibility for the 94% revenue loss last quarter. Heavy exposure to subprime mortgages was a big problem
Stanley O'Neal delivering the keynote address at the University of Pennsylvania 2007 Wharton Economic Summit Bloomberg News

Merrill Lynch (MER) has sailed directly into the eye of a major financial storm, and the worst may still be ahead for the company and its chief executive Stanley O'Neal.

To continue reading this article you must be a Bloomberg Professional Service Subscriber.