Also see: Merrill Lynch Execs to Get Millions
Wall Street Took the Money and Ran
"Bank of America appoints Thain; Move raises queries over fate of Boston wealth operation" by Ross Kerber, Globe Staff | October 3, 2008
Bank of America Corp. yesterday put the chief executive of Merrill Lynch & Co. in charge of its vast new investment arm, raising questions about whether its wealth management operations will remain in Boston after the merger of the two companies.
Bank of America said John Thain would become the president of the combined company's global banking, securities, and wealth management business after the Charlotte, N.C., bank completes its $50 billion stock purchase of the storied New York investment bank, a shotgun marriage prompted by the credit crisis last month.
Thain will oversee operations including investment banking and, in Boston, Bank of America's big global wealth and investment management business, which includes its Columbia Management mutual fund unit and its U.S. Trust private banking division. A bank spokesman said the company is still determining how it will combine those units with similar operations at Merrill. --more--"
