Bank of America names post-takeover leaders

Several Merrill Lynch executives will step into leadership posts after the bank's $50 billion takeover by Bank of America, set to close in the first quarter of next year.

Merrill Lynch's chairman and chief executive John Thain will take over as president of Bank of America's global banking, securities and wealth management businesses after the merger.

Greg Fleming, Merrill Lynch's chief operating officer, will take over as head of global corporate and investment banking, replacing Brian Moynihan, who will supervise the takeover process and head various support functions, including the legal team.

And Merrill's head of sales and trading Tom Montag will become head of global markets, a post vacated in April this year when Thomas White was made president of Bank of America's principal capital group.

The posts of heads of global wealth and investment management have still not been filled. Bank of America's head of global wealth and investment management, Keith Banks, has been moved to run the US Trust private bank and the Columbia fund management group. And his counterpart, Merrill Lynch's head of global wealth management Bob McCann, will run the bank's financial advisor organisation.

Merrill Lynch's head of strategy, Peter Kraus, will leave the bank once the takeover is completed.

See also: Bank of America buys Merrill Lynch for $50 billion