Following Bank of Americas acquisition of Merrill Lynch, the latters chairman and chief executive officer, John Thain, will reportedly remain with the merged entity as head of global banking, securities and wealth management.
As such, Thain could be the next in line to succeed BoA Chief Executive Kenneth Lewis, 61, who has said he would like to retire at age 65.
If this should happen, it would mirror a similar arrangement between Bank One and JPMorgan Chase, with then-chairman of JPMorgan, Bill Harrison, acquiring his successor, James Dimon, from Bank One.
Thain has only been with Merrill for less than a year, and previously was CEO and a director of NYSE Euronext. He also was co-president and co-chief operating officer of Goldman Sachs.