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Case
| HBS Case Collection
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2005
(Revised from original 2004 version)
Stanley O'Neal at Merrill Lynch (A)
by
David A. Thomas and Ayesha Kanji
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Abstract
In the late 1970s, Stanley O'Neal joined Merrill Lynch as an investment banker. Profiles O'Neal's ascent at Merrill to CEO. O'Neal put Merrill through a comprehensive restructuring program, cutting costs and significantly reducing the work force. As CEO, O'Neal faces the challenge of changing the company's signature "Mother Merrill" culture into a performance-driven and meritocratic one, while facing resistance and criticism from inside Merrill and Wall Street. Provides data on Merrill's financial performance and investment banking ratings. Teaching Purpose: To demonstrate leadership at the executive level, highlighting the career development of a person of color. Also, to focus on changing corporate culture and CEO succession.
Keywords: Restructuring;
Race Characteristics;
Cost Management;
Investment Banking;
Job Cuts and Outsourcing;
Leadership;
Management Succession;
Performance Effectiveness;
Personal Development and Career;
Citation:
Thomas, David A., and Ayesha Kanji. "Stanley O'Neal at Merrill Lynch (A)." Harvard Business School Case 405-029, September 2005. (Revised from original August 2004 version.)