How Stan O'Neal got rich – and stayed that way

The myth of talent allowed Merrill Lynch's chief executive to snatch riches beyond all of our wildest dreams.

If you want to try and understand where the huge rise in pay inequality across the West has come from, you might get yourself a copy of David Bolchover's updated Pay Check: Are Top Earners Really Worth It? to read over the weekend.

You can probably guess the answer to the title question but the book is still worth a read for its explanation of how McKinsey invented the talent myththat has made their own employees and those of their clients so very, very rich.

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Merryn Somerset Webb

Merryn Somerset Webb started her career in Tokyo at public broadcaster NHK before becoming a Japanese equity broker at what was then Warburgs. She went on to work at SBC and UBS without moving from her desk in Kamiyacho (it was the age of mergers).

After five years in Japan she returned to work in the UK at Paribas. This soon became BNP Paribas. Again, no desk move was required. On leaving the City, Merryn helped The Week magazine with its City pages before becoming the launch editor of MoneyWeek in 2000 and taking on columns first in the Sunday Times and then in 2009 in the Financial Times

Twenty years on, MoneyWeek is the best-selling financial magazine in the UK. Merryn was its Editor in Chief until 2022. She is now a senior columnist at Bloomberg and host of the Merryn Talks Money podcast -  but still writes for Moneyweek monthly. 

Merryn is also is a non executive director of two investment trusts – BlackRock Throgmorton, and the Murray Income Investment Trust.