Thain To Head I-Banking at BoA

NEW YORK (Reuters) – John Thain, chief executive of Merrill Lynch, will become president of global banking, securities and wealth management when Bank of America buys Merrill next year.

In a statement on Thursday, Bank of America Chief Executive Ken Lewis said Thain will be responsible for investment banking and most of the wealth management business when the companies have combined.

Brian Moynihan, president of global corporate and investment banking at Bank of America, will stay in that role until the acquisition goes through in the first quarter, when he will take a new role as president of private equity and global operations.

Moynihan will also be responsible for ensuring the acquisition process goes smoothly and will work on this with Tom Sanzone, Merrill Lynch chief administrative officer.

In a filing on Thursday, the banks urged shareholders to approve the deal. A date for the shareholders’ vote has not yet been set.

Bank of America announced last month it will buy Merrill Lynch.

Shares in Bank of America closed at $38.13 on Monday, while shares in Merrill Lynch closed at $26.70.

(Reporting by Elinor Comlay; Editing by Steve Orlofsky)