Merrill Lynch's chairman and chief executive officer John Thain will take over as the President of global banking, securities and wealth management after its merger with Bank of America, a top bank official said.
"I am delighted that John has agreed to join Bank of America... His experience and expertise will be invaluable as we put our two companies together and move forward as the premier financial services company in the world," Bank of America's chairman and CEO Ken Lewis said in a press statement.
Thain's responsibilities will include the combined entity's global corporate and investment banking operations as well as most of the global wealth and investment management operations, the statement said.
BankAm agreed to acquire Merrill Lynch recently for $50 billion, after the latter suffered huge losses in the global financial turmoil.
BankAm also said that Brian Moynihan, the current president of BankAm's global corporate and investment banking, will take over as the president of private equity and global operations of the combined entity post merger.
Moynihan will continue as president of global corporate and investment banking (GCIB) until the merger occurs after which he will take charge of the new responsibility, the statement said.
"Our company will look quite different after the merger... An effort that will redefine our business model, taking into account the strengths of both predecessor companies and our extensive opportunities around the world," Lewis said in the statement.
BankAm has over 59 million consumer and small business relationships and more than 6,100 retail banking offices. The lender has operations in over 150 countries.
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