NEW YORK - Bank of America Corp said on Thursday it named London-based Andrea Orcel an executive chairman for its global banking and markets division, according to an internal memo seen by Reuters.
Orcel will be responsible for strategy and engagement with companies, investors and governments globally, according to the memo that a spokeswoman confirmed. Orcel will report to Tom Montag, head of corporate and investment banking and markets, the memo said.
Montag, who sent the memo, also announced that Brian Brille will become president for Asia Pacific and transfer to Hong Kong from New York. Kim Hong, currently president for the region, will have a new role as vice chairman for Asia Pacific, reporting to Brille, Montag said in the memo.
Three other senior executives, Paul Donofrio, Michael Rubinoff and Purna Saggurti, have been named co-heads of global corporate and investment banking, the memo said. Donofrio will move to London from New York, while Rubinoff and Saggurti will stay in New York.
Charlotte, North Carolina-based Bank of America, which bought Merrill Lynch & Co on Jan. 1, has struggled to retain top staff at the combined investment bank since the acquisition.
The bank named Montag, a Goldman Sachs Group (GS.N) alumnus brought on board by former Merrill Chief Executive John Thain, to head the corporate and investment bank last month as part of a wider reshuffle of its top ranks. (Reporting by Elinor Comlay; Editing by Phil Berlowitz)