Bank of America Corp has promoted Cathy Bessant to president of global corporate banking, as the largest U.S. bank shuffles management in the wake of its acquisition of Merrill Lynch & Co.
Bessant will report to Tom Montag, a former Merrill executive who oversees global markets and global corporate and investment banking.
Montag announced the appointment in an internal memo. A bank spokesman on Friday confirmed the memo's contents.
Bessant worked most recently as head of global product solutions. Part of that business will move to the commercial banking and technology areas of the company, Montag said.
Joel Van Dusen, a London-based executive who has headed corporate banking, will report to Bessant, The Charlotte Observer said.
Corporate bankers typically work with companies to provide cash management, payments and other services.
They often work with investment bankers, who provide such services and stock and bond underwriting and merger advice.
Bringing together our corporate bankers with product delivery officers and the product development team will help us more fully integrate corporate banking product capabilities with our client coverage model, further pulling the business together end-to-end in partnership with investment banking, Montag said in the memo.