Bank of America Corp. said Wednesday that Vice Chairman William McDonough will retire at yearend, nearly four years after joining Merrill Lynch. B of A acquired Merrill a year ago at the height of the financial crisis.
McDonough, 75, joined the brokerage as vice chairman and special adviser to the chairman. He continued in those roles after the B of A deal.
The company said Wednesday that McDonough, a former Federal Reserve Bank of New York president and former chairman of the Public Company Accounting Oversight Board, advised senior management and was involved in business development efforts with governments and financial institutions around the world.
B of A's chief executive, Ken Lewis, is also slated to retire at the end of the month but his departure could be delayed because its board has not chosen his successor.