Recently installed chief executives at Merrill Lynch and Citigroup are raiding the ranks of their former employers, Goldman Sachs and Morgan Stanley, as they seek to transform the culture and management of banks shaken by the credit crisis. The moves have been controversial within both banks. At Merrill, which some on Wall St now refer to as “Merrill Sachs”, John Thain has hired former Goldman executives including Peter Kraus, Thomas Montag and Noel Donohue. At Citi, Vikram Pandit has hired several former colleagues at Morgan Stanley, including John Havens, Don Callahan and Brian Leach.
