Bank of America Corp. CEO Ken Lewis announced today that Merrill Lynch & Co. Inc. chief executive John A. Thain will join Bank of America after it acquires the Wall Street giant.
Mr. Thain will serve as Charlotte, N.C.-based Bank of America’s president of global banking, securities and wealth management when the expected transaction takes place early next year.
The arrival of Mr. Thain means a new role for Brian Moynihan, Bank of America’s current president of global corporate and investment banking.
He will become president of private-equity and global operations after the acquisition is completed.
“ I think it's great,” said one Merrill rep on the East Coast who asked not to be identified. Mr. Thain is the natural choice to see the merger through, he said.
“I like everything he's done. He took us off the rumor page, and shored up our capital [and] confidence.”
In mid September, Bank of America agreed to acquire New York-based Merrill Lynch in a $50 billion all-stock deal (InvestmentNews, Sept. 14).
Mr. Thain had replaced embattled former Merrill Lynch CEO E. Stanley O’Neal last November after the Wall Street giant announced $7.9 billion in third quarter write-downs (InvestmentNews, Nov. 14, 2007).
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