Behind Thain’s ousting | FT Alphaville

Behind Thain’s ousting

The sudden departure of John Thain from Bank of America,  described by BofA as “mutually agreed”, came after rising tensions that followed the revelation last week of Merrill’s Q4 $15bn loss and after the FT reported Wednesday that he had accelerated Merrill Lynch’s bonus payment plan for 2008, and doled out as much as $4bn in discretionary bonuses on Dec 29, just three days before the BofA acquisition closed. Also, CNBC reported that Thain hired celebrity interior designer Michael Smith to redecorate his Merrill office a year ago and ran up a $1.22m bill, including for a $1,405 parchment waste bin and $87,000 rug.