Word: thomson
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...president and operating head stepped James Edward Thomson, 61, a taciturn type who has never sold a share of stock. It made sense that Thomson is an administrator instead of a salesman. Beamed Edward A. Pierce, 92, last survivor of the firm's founding fathers: "I don't know anybody I would pick over that boy as head of our firm...
...Thomson takes charge of an organization that markets stocks with the same detail and cost consciousness that the A. & P. applies to tuna fish and canned peas. Among Merrill Lynch's major divisions...
...Front Office," comprised of 2,800 registered representatives, or "customers' men," who retail stocks and account for 65% of Merrill Lynch's business. The firm selects one of every 15 sales applicants, trains him for seven months in a program that includes McCarthy, Leness and Thomson as schoolroom lecturers. It pays salesmen a salary that is now at a median of $18,000 but ranges upwards of $200,000 for real stars. To discourage "churning"?the unnecessary turnover of stocks in a customer's account as a way of earning fees?Merrill Lynch, unlike most brokerage houses, does...
...office boy to operating manager. Three years later, in 1959, the firm made an even more significant switch. Anxious to keep its capital stable even if partners died or retired, Merrill Lynch incorporated itself, with McCarthy as president. One of the key stockholders (690 in all) was James E. Thomson, who had been hired in 1924 as a Wall Street runner by Merrill himself...
Born in Southampton, Ont., of a Scottish father and a mother of English descent, Thomson was a bright but restless student. He left Canada at 18 without finishing high school, headed south of the Canadian border, turned up at the home of an uncle in the Queens borough of New York City. Interested in figures and bookkeeping, he went to Wall Street for a job, was hired by Merrill as a runner at $14 a week. "I remember the salary well," says Thomson, whose present annual income is over $100,000. "I couldn't live...