11/02/2008 05:12 am ET | Updated May 25, 2011

Merrill Lynch's Thain To Take Role At Bank Of America

Merrill Lynch's chairman and chief executive, John A. Thain, will remain at Bank of America after the merger of the two financial giants, Charlotte-based Bank of America said in a statement Thursday.

The announcement settles a big question circulating around Wall Street: What was next for Mr. Thain, a veteran of Goldman Sachs who led the New York Stock Exchange before joining Merrill Lynch last fall?

According to Bank of America, Mr. Thain will become president of global banking, securities and wealth management in the combined company, essentially retaining control of the businesses run by Merrill. Similar units currently run by Bank of America will be merged into Merrill's far larger and more established operations.

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Read the opinion of another person making the transition from Merrill to Bank of America:
::"I Was Shocked I Would Be Joining A Lower-Tier Commercial Bank"