6 big banks, 6 big shake-ups

The mortgage mess has unleashed a restructuring wave as banks try to clean house.

Merrill Lynch
Stanley O'Neal stepped down as CEO and chairman of Merrill Lynch.
Merrill Lynch
Who's out: Merrill CEO Stanley O'Neal stepped down from his post on Oct. 30. The ousted executive came under pressure after the company took a nearly $8 billion loss on mortgage bets that turned sour. His overtures to Wachovia about a potential merger, without the nod of Merrill's board, however, likely accelerated his decline.

What's shaking: Merrill had begun cleaning house before reporting its massive third-quarter writedown. In early October, the bank replaced its global head of fixed income, Osman Semerci, with David Sobotka, head of global commodities. The company also appointed head of credit risk Ed Moriarty to the newly created position of chief risk officer.

Cause of concern: The bank took a staggering $8.4 billion writedown in the third quarter, most of which was due to a decline in the value of subprime mortgages and complex debt instruments.

Citigroup

Merrill Lynch

Bank of America

Bear Stearns

Lehman Brothers

Morgan Stanley
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Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer LIBOR Warning: Neither BBA Enterprises Limited, nor the BBA LIBOR Contributor Banks, nor Reuters, can be held liable for any irregularity or inaccuracy of BBA LIBOR. Disclaimer. Morningstar: © 2014 Morningstar, Inc. All Rights Reserved. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2014 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc. 2014. All rights reserved. Most stock quote data provided by BATS.