Bank of America Corp. named executives to oversee its international investment banking operations after it closes its deal for Merrill Lynch & Co. Inc. and said it plans to retain the New York investment bank's chief financial officer, Nelson Chai.
B of A said in a press release Thursday that Mr. Chai would move to Hong Kong and be president of the Charlotte company's Asia Pacific region. He would continue to report to John Thain.
The $1.83 trillion-asset company said Jonathan Moulds would, its president of operations in Europe, the Middle East, Africa, and Africa,would relinquish oversight of Asia. He is to be based in London and report to Mr. Thain.
Several other high-profile Merrill Lynch investment bankers are departing. Robert Wigley, Merrill's chairman for Europe, the Middle East, and Africa is to leave shortly after the deal closes, according to an internal memo distributed at Merrill. The memo said Mr. Wigley would remain at B of A for "a brief hand-over period" before leaving "to focus on the next stage of his career."
Jason Brand, the president of Merrill Lynch Pacific Rim, is to leave after the closing to "pursue other opportunities," according to a separate memo.
A Merrill spokesman would only confirm the information included in the memos.
B of A said it expects to eliminate 30,000 to 35,000 jobs, or 11%, of its work force after completing the $20.5 billion deal, which is set to close Jan. 1.
