Bank of America has named the global banking, securities and wealth management leadership team that will be in place once its takeover of Merrill Lynch is complete.

As previously announced, John Thain, chairman and chief executive of Merrill Lynch, will be president of the enlarged banking group.  Mr Thain has said he expects Bank of America’s takeover of Merrill Lynch to be completed by the end of the year.

The head of US trust and BoA’s investment business, Columbia Management, will be Keith Banks, the current president of global wealth and investment management at BoA. Mr Banks will operate from New York, as will Bob McCann, who has been appointed head of the combined financial advisor organisation.  Mr McCann’s current role at Merrill Lynch is that of vice chairman and president of global wealth management.

Cathy Bessant, president of global product solutions at Bank of America, will be head of global product solutions for the combined company.  Jim Kelly, business executive, technology operations at Bank of America, will head technology and operations support across the amalgamated firm.

Bank of America said it has yet to announce the leader of global wealth and investment management.

Greg Fleming, currently president and chief operating officer of Merrill Lynch, will be based in New York as head of global corporate and investment banking of the combined firm. 

The current president of global commercial banking, David Darnell, will continue in this role.  He will report to Mr Fleming and will be based in Charlotte, North Carolina.

Tom Montag, currently global head of sales and trading at Merrill Lynch, is to be based in New York as head of global markets, which includes sales, trading and research.  The firm’s capital markets arm will report to both Mr Montag and Mr 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. Mr Thain, said:  "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."