Stan O’Neal was battling to save his job as chairman and chief executive of Merrill Lynch on Friday amid mounting criticism among outside directors.

The move to oust him is being led by Armando Codina, a Cuban-American businessman close to the family of US President George W. Bush. He was angry that Mr O’Neal last week approached Wachovia, the fourth biggest US bank, about a possible merger without prior approval from the board, according to people familiar with the situation.