Bank of America Corp. has tapped the executives who will lead its global corporate and investment banking business, dividing the geographic leadership between one of its veteran bankers and a former Merrill Lynch & Co. executive, who many had feared would leave the $1.95 trillion-asset Charlotte banking company.
Brian Moynihan, who took over management of the business after last month's ouster of former Merrill chief executive John Thain, announced internally Friday that Andrea Orcel has become the head of international corporate and investment banking at Bank of America Merrill Lynch, according to a source familiar with the announcement.
The move is a promotion for Mr. Orcel, a key Merrill executive who remains the president of international global banking and wealth management at Bank of America.
Brian Brille was named the head of Americas corporate and investment banking, retaining a role he had essentially filled before B of A's Jan. 1 purchase of Merrill Lynch.
Industry responsibilities in the global corporate and investment bank were split among three executives. Paul Donofrio, from B of A, is to oversee the health-care; consumer and retail; and telecom, media, and technology segments. Michael Rubinoff from Merrill is to direct the financial institutions group. Purna Saggurti, another former Merrill executive, is to run the industrials; energy and power; and real estate, gaming, and lodging groups. All the executives are to report directly to Mr. Moynihan, the source said. The changes took effect Friday. B of A confirmed the announcement had gone out.
