john thain bank of america
PowerRating — Bank of America Chairman and Chief Executive Officer Ken Lewis today announced that John Thain, current chairman and chief executive officer of Merrill Lynch, will have a major role in the combined companies. [1]
John Thain, current chairman and chief executive officer of Merrill Lynch, will have a major role in the combined companies of Merill and Bank of America, according to Ken Lewis, chairman and chief executive officer, of BofA. [2]
Lewis also announced that Brian Moynihan will continue as president of Global Corporate and Investment Banking at Bank of America until the merger, and will take on a key newly created enterprise-wide role effective immediately. [3]
Bank of America today said that Merrill Lynch’s Chief Executive John Thain will take a new position at Bank of America once the bank completes its acquisition of Merrill. [4]
Brian Moynihan will continue as president of global corporate and investment banking at Bank of America until the merger, and will take on a key newly created enterprise-wide role effective immediately, he added. [5]
Whilst Thain was designated to become president of Global Banking, Securities and Wealth Management in the new combined company, following the merger between Merrill Lynch and Bank of America, he resigned from the company on Thursday, January 22, 2009. [6]
His responsibilities will include what is now in Global Corporate and Investment Banking (GCIB) and most of what is now in Global Wealth and Investment Management (GWIM) at Bank of America, which will be merged with similar functions at Merrill Lynch. [5]
The Bank of America private equity business, LaSalle Global Trust Services, Enterprise Delivery and Technology, Legal, and Supply Chain Management will begin reporting to him immediately. [3]
The new division Thain will oversee includes many of the operations that will be merged from Merrill, including the brokerage and mutual fund operations as well as Bank of America’s investment banking and management operations already in place. [4]
“I look forward to working with Ken and the business leaders at both companies as we build the world’s premiere financial services firm,” he continued. [2]
Moynihan will also be the Bank of America assessment business lead for the transition, working with Tom Sanzone, Merrill Lynch executive vice president and chief administrative officer, who will perform that function for Merrill Lynch. [3]
Thain was expected to be president of Global Banking, Securities and Wealth Management, a new division of Bank of America that includes its corporate and investment bank and most of its wealth and investment-management business following the completion of the merger. [6]
Intraday data provided by Interactive Data Real Time Services, a division of Interactive Data Corp. and subject to terms of use. [7]
Brian’s background in corporate development, wealth management and corporate and investment banking make him the ideal person to lead this initiative. [5]
Thain will serve as president of global banking, securities and wealth management for Bank of America. [4]
Sources:
[1] BAC Ken Lewis Announces John Thain Role With Bank of America
[2] John Thain Takes New Role With Bank of America
[3] Ken Lewis Announces John Thain Role With Bank of America
[4] Merrill’s John Thain to take post with Bank of America - New Jersey …
[5] John Thain Takes New Role With Bank of America by Advanced Trading
[6] John Thain - Wikipedia, the free encyclopedia
[7] Bank of America: John Thain to have ‘major role’ in company - MarketWatch