, president of Bank of America's
global wealth and investment management unit, will lead Columbia Management
and U.S. Trust
when BofA's acquisition of Merrill Lynch
closes. The transaction is expected to be complete in the first quarter.
It was not immediately clear how Wednesday's announcement by BofA (see the full press release below) would affect the role of Michael Jones
, Columbia's president.
"We're doing this systematically," said BofA spokesman Robert Stickler of the still unfolding management structure. "We're going level by level. Stay tuned as to what the management structure of Columbia will look like."
Jones succeeded Banks at the helm of Columbia last fall when Banks became the head of BofA's global wealth and investment management division (see
November 1, 2007). That unit includes Columbia, U.S. Trust and Premier Banking & Investments.
The post-deal leader of that division has yet to be determined, BofA executives said.
Bank of America Press Release
CHARLOTTE, N.C., Oct. 22 /PRNewswire/ -- Bank of America today announced the Global Banking, Securities and Wealth Management leadership team that will be in place once the combination with Merrill Lynch & Co. is complete. As previously announced, Merrill Lynch Chairman and Chief Executive Officer John Thain will be president of the businesses.
Greg Fleming, currently president and chief operating officer of Merrill Lynch, will head Global Corporate and Investment Banking,which will include commercial banking. He will operate from New York. David Darnell, currently president of Global Commercial Banking, will continue as head of Global Commercial Banking reporting to Fleming. He will operate from Charlotte.
Tom Montag, currently global head of Sales and Trading at Merrill Lynch, will be head of Global Markets which includes sales, trading and research. He will operate from New York. Capital Markets will report to both Montag and Fleming.
Peter Kraus, executive vice president of Global Strategy at Merrill Lynch, has decided to leave the company after the merger to pursue other opportunities. "While at Merrill Lynch Peter provided valuable insight and advice to me and the team. We know he will be successful in whatever he pursues and wish him well," Thain said.
Keith Banks, president of Global Wealth and Investment Management at Bank of America, will be head of U.S. Trust and Columbia Management. He will operate from New York.
Bob McCann, vice chairman and president, Global Wealth Management at Merrill Lynch, will be head of the combined financial advisor organization. He will operate from New York.
The leader of Global Wealth and Investment Management will be determined in the future as the company works to define the target environment through the transition process.
Cathy Bessant, president of Global Product Solutions at Bank of America, will be head of Global Product Solutions for the combined companies. She will operate from Charlotte.
Jim Kelly, Business Executive-Technology and Operations at Bank of America, will head technology and operations support for all of Thain's businesses. He will operate from Charlotte.
"With these talented individuals and others who will be announced as we move forward I am more than ever convinced that we will be the world's premier financial services company," Thain said.
Bank of America
Bank of America is one of the world's largest financial institutions, serving individual consumers, small and middle market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk-management products and services. The company provides unmatched convenience in the United States, serving more than 59 million consumer and small business relationships with more than 6,100 retail banking offices, more than 18,000 ATMs and award-winning online banking with more than 25 million active users. Bank of America offers industry leading support to more than 4 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients in more than 150 countries and has relationships with 99 percent of the U.S. Fortune 500 companies and 83 percent of the Fortune Global 500. Bank of America Corporation stock (NYSE: BAC) is a component of the Dow Jones Industrial Average and is listed on the New York Stock Exchange.
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