BofA gives top job to Merrill Lynch CEO

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Merrill Lynch's Chairman and Chief Exceutive Officer, John Thain will take over as the President of global banking, securities and wealth management after its merger with Bank of America (BofA), a top bank official said.

"I am delighted that John has agreed to join Bank of America...his experience and expertise will be invaluable as we put our two companies together and move forward as the premier financial services company in the world," Bank of America's Chairman and CEO, Ken Lewis said.

Thain's responsibilities will include the combined entity's Global corporate and investment banking operations as well as most of the Global wealth and investment management operations, the statement said.

BofA agreed to acquire Merrill Lynch recently for USD 50-billion, after the latter suffered huge losses in the global financial turmoil.

BofA also said that Brian Moynihan, the current president of BofA's global corporate and investment banking, will take over as the president of private equity and global operations of the combined entity post merger.

Moynihan will continue as President of global corporate and investment banking (GCIB) at BofA until the merger occurs after which he will take charge of the new responsibilty, the statement said.

"Our company will look quite different after the merger...an effort that will redefine our business model, taking into acccount the strengths of both predecessor companies and our extensive opportunities around the world," Lewis said in the statement.