Merrill Lynch is attracting some heavy hitters from rivals. Is Thain really about to turn things around, or is he just opening the Merrill cheque book?
First came Thomas Montag, former head of sales and trading at Goldman Sachs. Then came Peter Kraus, former head of Goldman's investment management unit. Now comes Caroline Silver, former vice chairman of investment banking at Morgan Stanley.
Is Merrill really that hot?
Probably not. The bank has spent the past three consecutive quarters in the red and according to the analysts at CreditSights may well have further writedowns to come.
Are Montag, Kraus and Silver in it for the opportunity to make their mark in a turnaround situation? Or are they simply trying to gain from Thain's largesse? Let us know below.