January 22, 2009 12:22 PM

Bank of America: Thain 'situation was not working out'

Former Merrill Lynch chief executive John Thain has resigned his new post at Bank of America Corp., the bank confirmed this afternoon. Bank of America chief executive Ken Lewis flew to New York today, "and it was mutually agreed that his situation was not working out and he would resign," spokesman Bob Stickler said.

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