NEW YORK - Bank of America Corp's new head of investment banking, Edward Brown, shook up the unit's management almost as soon as he was named to the post last Wednesday.
In a memorandum to employees last week, Mr. Brown said Carter McClelland will assume broader responsibilities, adding stock underwriting and trading to his current job overseeing investment banking and corporate banking in North America. Mr. McClelland, the former co-head of investment banking at Deutsche Bank AG, succeeds Lew Coleman, the chairman of Bank of America Securities, who must now report to Mr. McClelland.
The move is "designed to further advance the goal of integrating our corporate and investment banking activities to better serve clients," Mr. Brown said in the memo.
The equities group was previously run by Mr. Coleman, who had reported directly to Mr. Brown and was chief executive officer of NationsBanc Montgomery Securities when it hired Mr. McClelland as co-head of investment banking. Mr. Coleman will keep responsibility for equity capital raising.
Thomas Bunn, previously head of debt capital raising, will become head of leverage and will oversee the bank's efforts in Europe, the Middle East, and Africa.
He will retain control of high-yield capital markets while giving up syndicated loans. William Hodges, currently head of real estate finance, will take on that role as part of debt capital raising.