The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

Jeff Peek: Peek-a-boo-hoo

In times of crisis, maintaining stability is crucial. Not at Merrill Lynch, it seems. Two weeks after the attacks on the World Trade Centre which forced Merrill to evacuate its headquarters for the foreseeable future, the new regime has seen fit to dispose of Jeff Peek, president of Merrill Lynch Investment Managers.

Jeff Peek

It's being presented as a resignation, but it is clear there was no place for Peek after he lost out to Stan O'Neal in the race to be president and COO, and thereby heir apparent to the CEO. But Merrill has been known for preferring consistency over office politics: when David Komansky was earmarked for CEO in the early 1990s, he made a point of asking his main rival, John Launny Steffens, to run the retail brokerage arm.

O'Neal gave the impression he would do the same. "I have terrific relationships with each of them, and have huge respect for them," he said of his rivals: Peek, head of investment banking Tom Davis, and head of international private client Win Smith.

That doesn't appear to have stretched to keeping them on board. O'Neal is said to have spent an hour or two with each of them after his appointment.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree