Andrea Orcel, a top London-based dealmaker for Bank of America Corp. and one of the highest-ranking holdovers from Merrill Lynch & Co., has been named executive chairman of global banking and markets for the Charlotte bank, according to a person familiar with the matter.

He will stay in London and report to Tom Montag, Bank of America's head of corporate and investment banking.

The new title for Orcel comes as Montag makes key decisions about his management team. Orcel will have responsibility for strategy and interaction with major companies, investors and governments around the world.

An internal announcement on Orcel's role is expected Thursday.

The fate of Orcel has been one of the biggest questions facing Montag. Orcel is the company's top rainmaker in London, but top bankers have left the former Merrill overseas operation since the takeover was completed in January, dealing a blow to Bank of America's hopes of substantially expanding the bank outside the U.S.

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