NEW YORK (
) -- Merrill Lynch, acquired by
Bank of America
at the start of 2009, will name former Merrill bankers Sam Chapin and Todd Kaplan as executive chairmen of global banking, a report says.
Chapin and Kaplan, who left Merrill along with other top bankers as the investment firm was sold to Bank of America, are returning to the firm and will report to Tom Montag, global banking and markets president, the
Wall Street Journal
reports, citing people familiar with the situation.
Bank of America is expected to announce the appointments Monday.
Chapin will be based in New York; Kaplan will be based in Chicago, the
reports. Kaplan, until mid-January, headed a new investment banking unit for hedge fund Citadel Investment.
Kaplan and Chapin are returning to Merrill because they are impressed with how the business is doing, said a person familiar with the moves, the
reports. It is not clear what their pay will be, the
-- Written by Joseph Woelfel in New York.
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