Bank of America publicized additional global banking, securities and wealth management leadership appointments which will take effect after its acquisition of Merrill Lynch is complete.

BofA already announced that John Thain, Merrill's chairman and chief executive, will stay on post-merger as president of global banking, securities and wealth management.

Greg Fleming, currently Merrill's president and chief operating officer, will become the combined company's New York-based head of global corporate and investment banking.

David Darnell, Merrill's president of global commercial banking, will hold the same position at BofA and report to Fleming from Charlotte.

Tom Montag, who joined Merrill as global head of sales and trading from Goldman Sachs earlier this year, will become the New York-based head of global markets, which will encompass sales, trading and research operations, after the merger. Capital markets employees will report to Montag and Fleming.

The combined entity's head of global wealth and investment management has not yet been determined. Meanwhile, Keith Banks, BofA's president of global wealth and investment management, will become head of the US Trust and Columbia Management subsidiaries. Bob McCann, Merrill's vice chairman and president of global wealth management, will take over as head of the combined financial advisory business. Banks and McCann will both operate from New York.

Cathy Bessant, president of global product solutions at BofA, will hold the same post after the deal is finalized, and Jim Kelly, BofA's business executive for technology and operations, will oversee technology and operations for all the businesses under Thain. Bessant and Kelly are based in Charlotte.

"With these talented individuals and others who will be announced as we move forward I am more than ever convinced that we will be the world's premier financial services company," Thain said in a statement.

BofA also announced the upcoming departure of Peter Kraus, executive vice president of global strategy at Merrill. According to BofA, he is leaving "to pursue other opportunities." The Wall Street Journal reported that Kraus is departing with a payout worth between $10 million and $25 million.

 

Originally published by Investment Dealers' Digest.