Bank of America Corp., the biggest U.S. bank, promoted two investment bankers to strengthen relationships with its largest corporate clients amid departures following the Merrill Lynch & Co. takeover.

Stefan Selig, a 10-year Bank of America veteran, and Steven Baronoff, who was with Merrill Lynch, will now report directly to Brian Moynihan, president of global banking and wealth management, the Charlotte company said in an internal memorandum Monday. Selig becomes an executive vice chairman for global corporate and investment banking and Baronoff becomes chairman of global mergers and acquisitions. Before the Merrill acquisition, Selig ran Bank of America's mergers and acquisitions group, and Baronoff ran the unit at Merrill Lynch.

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