John Thain arrived at Merrill Lynch 13 months ago as a “Mr Fix-It” who could bring the storied investment bank back to profitability after the disastrous sub-prime losses run up by his predecessor, Stan O’Neal.

Following his ouster on Thursday, Mr Thain, 53, leaves with his reputation tarnished, after presiding over the worst year in Merrill Lynch’s 94-year history. Even his signature “accomplishment” of 2008 – selling Merrill to Bank of America just as Lehman Brothers collapsed – has lost its lustre.