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Merrill Lynch CEO Seeks Exit in Wake of Losses

NPR | By Jim Zarolli

Published October 29, 2007 at 4:00 PM EDT

Merrill Lynch CEO Stan O'Neal is on the verge of losing his job.

O'Neal's fate was sealed last week, when the company announced unexpectedly steep losses in the subprime mortgage collapse. And he reportedly angered some board members by initiating merger talks with Wachovia Bank without clearing it first.

If O'Neal does leave the company, he won't have to worry about putting food on the table. He's expected to walk away with a severance package that could top $200 million.