The e-mails revealed that analysts were denigrating stocks the firm had recommended clients to buy.
Komansky said at the firm's annual shareholders meeting last week: 'I want to take this opportunity to publicly apologize. We have failed to live up to the high standards that are our tradition.'
Merrill's Chief said that the bank would be 'redoubling' its efforts to enforce existing policies and will take 'strong action' against anyone who violates them.
The firm remains in negotiation with Spitzer, the US Securities & Exchange Commission and other federal regulators to draw a line under this unsavoury chapter in the bank's history.
Merrill Apologizes For E-Mails
David Komansky, Chairman and Chief Executive of Merrill Lynch, has now apologized to clients, investors and employees for e-mails sent by some of his research analysts that were highlighted by New York state attorney general Eliot Spitzer following his recent investigation of the firm.
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