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BofA Assigns More Post-Merger Roles
Brille, Saggurti and Aedy are among those who will take on new positions at combined company.
November 19, 2008
Bank of America outlined further changes to its management structure, which will take effect after its Merrill Lynch acquisition is completed, in an internal memo obtained by IDD.
Brian Brille, currently BofA's global head of investment banking, will lead Americas corporate and investment banking (CIB) at the combined company, according to the memo. Jim Forbes, Merrill's global head of healthcare banking, will become head of Asia-Pacific CIB and relocate from New York to Hong Kong. Mark Aedy, presently Merrill's head of European, Middle Eastern and African (EMEA) investment banking, will oversee EMEA CIB.
"Regional heads, global business heads and global industry heads will have joint leadership accountability to ensure coordination and cross-selling across businesses and industry groups to maximize client coverage and profitability," the memo stated. "These individuals will continue in their current roles until the successful closing of the merger and will assume their new appointments on legal day one."
The memo also listed the new heads of various CIB industry groups:
- Jonathan Grundy, global energy and power
- Michael Rubinoff, global financial institutions
- Paul Donofrio, global healthcare, consumer and retail
- Purna Saggurti (presently Merrill's head of Americas investment banking), global industrials
- Ron Sturzenegger, global real estate and gaming
- George (Woody) Young, global telecom, media and technology
Meanwhile, Joel Van Dusen was appointed head of global corporate banking and Jeff Kaplan was selected as head of global M&A and financial sponsors. Sara Furber will lead global client development and business analytics.
"The new Bank of America will be unparalleled in the financial-services industry in terms of the breadth of our client base, the depth of our product capability and the span of our geographic presence," Greg Fleming, who was previously named the combined company's head of global corporate, commercial and investment banking, said in the memo. "These leaders represent the best talent in the industry and I look forward to working with them to build the premier financial-services provider in the world."
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