Bank of America also announced the other members of the Global Banking, Securities, and Wealth Management leadership team that will be in place when the merge with Merrill Lynch & Co. is complete.
As previously announced, Merrill Lynch Chairman and CEO John Thain will be president of Global Banking, Securities, and Wealth Management (see Thain To Head Wealth Management at Bank of America). Bank of America said the leader of Global Wealth and Investment Management will be determined in the future “as the company works to define the target environment through the transition process.’
Greg Fleming, currently president and COO of Merrill Lynch, will head Global Corporate and Investment Banking, which will include commercial banking, according to a Bank of America press release. He will operate from New York. David Darnell, currently president of Global Commercial Banking, will continue as head of Global Commercial Banking, reporting to Fleming and will operate from Charlotte, North Carolina.
Tom Montag, currently global head of Sales and Trading at Merrill Lynch, will be head of Global Markets, which includes sales, trading, and research. He will operate from New York. Capital Markets will report to both Montag and Fleming.
Bank of America said Peter Kraus, executive vice president of Global Strategy at Merrill Lynch, decided to 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, operating from New York. Cathy Bessant, president of Global Product Solutions at Bank of America, will be head of Global Product Solutions for the combined companies, operating from Charlotte. Jim Kelly, Business Executive—Technology and Operations at Bank of America, will head technology and operations support for all of Thain’s businesses, and will also operate from 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 the release.