NEW YORK, Oct. 26 (UPI) -- The Merrill Lynch & Co. board is considering replacing chief executive E. Stanley O'Neal, The New York Times reported Friday.
The board has become increasingly frustrated by mounting credit losses and O'Neal's decision making, the newspaper said.
Merrill Lynch this week reported a third-quarter loss of $2.3 billion and posted an $8.4 billion charge for failed credit and mortgage-related investments. In addition, O'Neal caused a stir among the company's directors after he made an overture toward a possible merger with Wachovia.
Merrill Lynch invested heavily in securities related to what eventually became a subprime mortgage market meltdown.
O'Neal has told people close to him he may be on the way out, and Merrill Lynch directors spent considerable time Friday discussing his future with the company, the Times reported.
However, the newspaper said, there is a possibility O'Neal will remain in place despite the board's disapproval.
Merrill Lynch stock is trading at a two-year low.
