Say goodbye to Mother Merrill.

We’ve written previously about John Thain’s plans to make Merrill Lynch’s compensation system more like Goldman’s.

More details are emerging about just exactly how Thain will move towards a more holistic model of both organization and compensation from Portfolio:

“He is removing the silos of the past, dismantling hierarchies and cliques that kept departments isolated from one another. His revamping of the compensation system is also in the Goldman way, a sharp departure from O’Neal’s ‘every man for himself’ pay structure. While the ‘everyone sups from the same bowl’ approach has been known to prompt defections to hedge funds—where risk management is often viewed as a barrier to brilliance—it has so far kept Goldman from being ensnared by the complexity of the new generation of financial instruments.”

But Thain’s taking a markedly different approach than Stan O’Neal, his ousted predecessor. While O’Neal also aimed to make Merrill more of a meritocracy, Thain’s emphasis is also on risk management. And it’s about the delivery, as well. Thain attended an Arizona gathering of Merrill branch managers, showing up with name tag to evening cocktail hour (he reportedly stayed 2.5 hours), and conducting a lengthy Q&A the following morning.

The Portfolio profile of Thain had a few details that may shed light on just the type of person Thain is. While at the NYSE, Thain not only got rid of the Luncheon Club, (”a mahogany-paneled symbol of a bygone era, with its chandeliers and hunting scenes”), but he also axed the $23,000-year house barber. So watch out.

We’d like to hear specifics, if any, about some of the changes happening. Anyone at Merrill out there?