Bank of America Corp. confirmed Thursday former Merrill Lynch & Co. Chief Executive John Thain is resigning from the company and named Brian Moynihan as his replacement.

The shakeup came three months after Bank of America said Thain would oversee its global banking, securities and wealth management operations while Moynihan would take on a newly created position after the acquisition that would look at redefining the company's business model. Moynihan also became general counsel.

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