Facts & Resources

Bank of America Announces Regional Leadership Positions

Thursday, December 18, 2008 9:58 am EST


Charlotte, N.C.
"Our combined organization has tremendous opportunity, given our footprint and capabilities around the world"

Bank of America today announced key regional leadership positions that will be in place once the purchase of Merrill Lynch & Co., Inc. is complete. They will report to John Thain, president of Global Banking, Securities and Wealth Management, in the combined company.

Nelson Chai, currently executive vice president and chief financial officer of Merrill Lynch, will be president of the Asia Pacific region. He will be based in Hong Kong.

Jonathan Moulds, currently president of Europe, the Middle East, Africa (EMEA) and Asia for Bank of America, will be president of EMEA and have regional responsibility for Latin America and Canada. He will be based in London.

"Our combined organization has tremendous opportunity, given our footprint and capabilities around the world," said Thain. "These leaders represent outstanding talent and, working with local line of business leaders, will drive profitable growth in our targeted areas."

The regional president works with the various line of business executives to define an integrated strategy to manage and drive the growth of our businesses within a regional context, ensuring that proper governance, management supervision and internal controls are in place, adherence to risk parameters, and compliance with local regulatory requirements.

In addition, the regional president is accountable for creating an appropriate framework for governance, supervision and internal controls of Bank of America businesses in our regions outside the United States. These leaders will continue in their current roles until the successful close of the acquisition.

Further country-level leadership announcements will be made in the near future.

Bank of America

Bank of America is one of the world's largest financial institutions, serving individual consumers, small and middle market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk-management products and services. The company provides unmatched convenience in the United States, serving more than 59 million consumer and small business relationships with more than 6,100 retail banking offices, more than 18,000 ATMs and award-winning online banking with more than 25 million active users. Bank of America offers industry leading support to more than 4 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients in more than 150 countries and has relationships with 99 percent of the U.S. Fortune 500 companies and 83 percent of the Fortune Global 500. Bank of America Corporation stock is a component of the Dow Jones Industrial Average and is listed on the New York Stock Exchange.

SOURCE: Bank of America

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Christiana Marran, Bank of America, +44 (0)20 7174 5401