Gregory Fleming, the No. 2 executive at Merrill Lynch & Co. until it was acquired by Bank of America Corp. last week, is quitting the combined company to take a teaching job at Yale University, according to people familiar with the situation.

Fleming, an investment banker who specialized in financial-service industry transactions and stepped in to briefly lead Merrill after former Chief Executive Stan O'Neal was ousted in October 2007, will become a senior research scholar at Yale Law School in New Haven, Conn., one person with knowledge of Fleming's plans said Thursday.

An announcement is expected soon.

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