Bank of America shuffles investment banking leaders
By Rick Rothacker
(Reuters) - Bank of America Corp (BAC.N: Quote) is shaking up the leadership of its investment bank as it looks to find its footing in a difficult market environment.
In the reorganization, Christian Meissner will become head of global corporate investment banking, while two former co-heads of the unit will take on new roles, according to a memo sent to employees on Sunday by co-chief operating officer Tom Montag that was obtained by Reuters.
Meissner will report to Montag, the former Merrill Lynch and Goldman Sachs Group Inc (GS.N: Quote) executive who runs global banking and markets operations for Bank of America.
Paul Donofrio will become head of global corporate banking credit and transaction banking with responsibility for global treasury services, loan products and other services. Michael Rubinoff will become chairman of GCIB, where he will be charged with deepening client relationships.
Both executives will also report to Montag.
The new structure comes as the corporate and investment bank adapts "to a changing market environment to more effectively meet the needs of our clients," Montag said in the memo.
Montag joined Bank of America in 2009 when the Charlotte, North Carolina-based bank bought Merrill as it verged on collapse in the financial crisis.
Bank of America spokesman John Yiannacopoulos confirmed the contents of the memo, but declined to comment further. Continued...