Two weeks after Bank of America Corp. stunned Wall Street with the $50 billion takeover of Merrill Lynch & Co., the banks have clarified what role Merrill CEO John Thain will play after the merger is complete. Bank of America chairman and CEO Ken Lewis said Thain, current chairman and chief executive of Merrill Lynch, will become president of global banking, securities and wealth management in the combined company once the $50 billion merger is completed. Thain's responsibilities will include what is now in global corporate and investment banking, or GCIB, and most of what is now in global wealth and investment management at BofA, which will be merged with similar functions at Merrill. Brian Moynihan will continue as president of GCIB during the merger process and will become president of private equity and global operations upon completion. Moynihan will also be the Bank of America assessment business lead for the transition, working with Tom Sanzone, Merrill Lynch's executive vice president and chief administrative officer. - Baz Hiralal See press release For more Movers & shakers, see The Deal newsweekly's dealmaker section ...
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Two weeks after Bank of America Corp. stunned Wall Street with the $50 billion takeover of Merrill Lynch & Co., the banks have clarified what role Merrill CEO John Thain will play after the merger is complete. Bank of America chairman and CEO Ken Lewis said Thain, current chairman and chief executive of Merrill Lynch, will become president of global banking, securities and wealth management in the combined company once the $50 billion merger is completed. Thain's responsibilities will include what is now in global corporate and investment banking, or GCIB, and most of what is now in global wealth and investment management at BofA, which will be merged with similar functions at Merrill. Brian Moynihan will continue as president of GCIB during the merger process and will become president of private equity and global operations upon completion. Moynihan will also be the Bank of America assessment business lead for the transition, working with Tom Sanzone, Merrill Lynch's executive vice president and chief administrative officer. - Baz Hiralal See press release For more Movers & shakers, see The Deal newsweekly's dealmaker section ...