For the second time in four years, veteran banker Eugene McQuade is opting not to forge a career at Bank of America Corp. after it buys his current employer.

Mr. McQuade, 62, the head of banking at Merrill Lynch & Co., is to leave Bank of America next spring, a Merrill spokeswoman said. He joined Merrill in February after resigning from Freddie Mac the previous fall. Mr. McQuade had been heir apparent for the CEO's job.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.