NEW YORK (
has made more leadership changes as
Bank of America
works to solidify and strengthen its position as a global investment bank after a raft of top-level departures.
BofA reportedly put out an internal memo Thursday naming Andrea Orcel as executive chairman for its global banking and markets division, while Brian Brille will replace Kim Hong as president for Asia Pacific.
Three other top executives, Paul Donofrio, Michael Rubinoff and Purna Saggurti, will share the role of leading global corporate and investment banking.
Thomas Montag, who took command of Merrill's banking and markets last month, said in the memo that the shifts will make the top ranks "more balanced" and global. Three of the executives reporting to Montag -- including Orcel and Donofrio -- will be based in London, with Brille moving to Hong Kong from New York.
Orcel is a top dealmaker in Europe, and one of the highest-ranking Merrill executives who stuck around after the merger. Others have jumped ship to European competitors like
, or moved on to start their own firms. BofA is well aware of the competitive pressure and has been focused on replenishing top talent to ensure that Merrill retains its position as a go-to bank for global dealmaking.
Merrill's trading desk helped boost BofA's profits dramatically this year. But if the firm disappoints in the endeavor of beating out other global firms such as
, the deal -- which is already facing congressional scrutiny, lawsuits and other investigations -- could be panned as an overall failure.
Other executives who report to Montag within corporate and investment banking kept their current titles, including Fares Noujaim and Harry McMahon.
-- Written by Lauren Tara LaCapra in New York