Thain To Head Wealth Management at Bank of America

Bank of America announced that John Thain, chairman and CEO of Merrill Lynch, will become president of Global Banking, Securities, and Wealth Management in the merged company.

Thain’s responsibilities will include what is now within Global Corporate and Investment Banking (GCIB) and most of what is now within Global Wealth and Investment Management (GWIM) at Bank of America, which will be merged with similar functions at Merrill Lynch, according to a release from Bank of America.

“This is an opportunity to create what will be the leading financial institution in the world,’ said Thain, in the release. “Combining these two companies will create great value for our shareholders and clients around the world.’

Brian Moynihan will continue as president of Global Corporate and Investment Banking at Bank of America until the merger. After that, Bank of America announced he will become president of Private Equity and Global Operations, reporting to Chairman and CEO Ken Lewis. The Bank of America private equity business, LaSalle Global Trust Services, Enterprise Technology and Delivery, Legal, and Supply Chain Management will begin reporting to Moynihan immediately.

“Our company will look quite different after the merger,” said Lewis, in the release. “I have asked Brian to lead an effort that will redefine our business model, taking into account the strengths of both predecessor companies and our extensive opportunities around the world. Brian’s background in corporate development, wealth management, and corporate and investment banking make him the ideal person to lead this initiative. As part of this effort, he is to ensure that we have optimized our infrastructure investments to drive growth in the merged company.”

The release also said that Moynihan will lead the transition for Bank of America, working with Tom Sanzone, Merrill Lynch executive vice president and chief administrative officer. The two will work together to “ensure that the companies come together in an optimum way to take advantage of future business opportunities,’ Bank of America stated.