John Thain steps down as Chief Executive at Bank of America
• Former Merrill Lynch Chief Executive John Thain has resigned from Bank of America Corp which recently acquired Merrill, which Thain was previously CEO of, effective immediately, a Bank of America spokesman said today. • The fall out follows a report on CNBC about lavish spending by Mr. Thain redesigning his office at Merrill Lynch. It is the latest earthquake to hit Bank of America, which earlier this month had to seek a government rescue. • Bank of America shares were down 11 percent in early afternoon trading, making it one of the worst performing bank stocks on a day when the sectoral KBW Banks index was down 6.1 percent.