Bank of America loses second banking head

John Thain, former chairman and chief executive of Merrill Lynch, who was due to lead the global banking, global wealth and investment management division at Bank of America, has left the newly merged bank.

He is the second senior figure to leave Bank of America after Merrill's former head of investment banking, Gregory Fleming, left within the first two weeks of the acquisition to work at Yale Law School's Corporate Law Center.

Brian Moynihan has now been appointed to take up Thain's role

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