Deals & Deal Makers: Merrill Lynch Veteran to Take Top Post At Ameritrade, A Move Investors Applaud
NEW YORK -- Some Merrill Lynch & Co. executives used to mock the viability of online stock trading. Now, one of the firm's top executives is poised to run Ameritrade Holding Corp., one of the nation's largest online brokerage firms.</br></br>Joseph Moglia, a senior vice president in Merrill's private-client group, is expected to be named chief executive of Ameritrade, according to people close to the matter. The announcement could come as early as today.</br></br>Mr. Moglia didn't return a telephone call for comment, and Ameritrade spokesman Larry Marchese declined to comment on the matter.</br></br>Mr. Moglia would take the post vacated in August when Tom Lewis resigned. Since then, Ameritrade's founder, J. Joe Ricketts, has served as CEO, but he told shareholders at the recent annual meeting that he is looking forward to handing the job over to a permanent chief executive.</br></br>The move, though, is somewhat ironic given Merrill's past opposition to online trading. The former head of its brokerage business, John "Launny" Steffens, was once quoted disparaging what he called "the do-it-yourself model of investing, centered on Internet trading."