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BofA, Merrill name MGMT heads ahead of deal closing

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Published October 22, 2008 at 12:32 PM
JohnThainGettyImages.pngBank of America Corp. announced the global banking, securities and wealth management leadership team that will be in place once it completes the $50 billion acquisition of Merrill Lynch & Co. Earlier, BofA said Merrill chairman and CEO John Thain (pictured) would become president of that group. Now the bank has provided a list of his team, and who will be trading New York for Charlotte, N.C.

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New York-based Greg Fleming, current president and chief operating officer of Merrill Lynch, will head global corporate and investment banking, which will include commercial banking. David Darnell, president of global commercial banking, will continue as head of global commercial banking, reporting to Fleming. He will work from Charlotte.

Tom Montag, global head of sales and trading at Merrill, will work from New York and become head of global markets, which includes sales, trading and research. Capital markets will report to Montag and Fleming.

Peter Kraus, executive vice president of global strategy at Merrill, will leave the company after the merger to pursue other opportunities. Keith Banks, president of global wealth and investment management at Bank of America, will be head of U.S. Trust and Columbia Management. He will operate from New York.

Bob McCann, vice chairman and president, global wealth management at Merrill, will be head of the combined financial adviser organization. He will be based in New York. BofA said the leader of global wealth and investment management will be determined in the future.

Cathy Bessant, president of global product solutions at Bank of America, will be head of global product solutions for the combined companies. She will work from Charlotte.

And Jim Kelly, business executive for technology and operations at BofA, will head technology and operations support for all of Thain's businesses. He is based in Charlotte. - Baz Hiralal

See the announcement from BofA
Go to The Deal newsweekly's Dealmakers section


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