Bank of America Corp. promoted Cathy Bessant to president of global corporate banking under a plan to link its corporate bankers to more products.
Bessant had been the head of global product solutions. She will remain in Charlotte, where B of A is based, and report to Tom Montag, a former Merrill Lynch & Co. executive who is B of A's president of global markets and global corporate and investment banking, B of A said in an internal memo distributed Friday.
In the expanded role, Bessant will oversee corporate bankers as well as product development and delivery.
"Bringing together our corporate bankers with product delivery officers and the product development team will help us more fully integrate corporate banking product capabilities with our client coverage model," Montag said in the memo.
Bank of America has made a number of executive changes this year. On Aug. 4 it hired former Citigroup Inc. executive, Sallie Krawcheck, to lead wealth management and brokerage while giving Montag expanded responsibilities.
