CHARLOTTE, Oct. 2 /PRNewswire/ -- Bank of America Chairman and Chief Executive Officer Ken Lewis today announced that John Thain, current chairman and chief executive officer of Merrill Lynch, will have a major role in the combined companies. Lewis also announced that Brian Moynihan will continue as president of Global Corporate and Investment Banking at Bank of America until the merger, and will take on a key newly created enterprise-wide role effective immediately.

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Thain will become president of Global Banking, Securities and Wealth Management in the combined company once the merger is completed. His responsibilities will include what is now in Global Corporate and Investment Banking (GCIB) and most of what is now in Global Wealth and Investment Management (GWIM) at Bank of America which will be merged with similar functions at Merrill Lynch.

'I am delighted that John has agreed to join Bank of America,' Lewis said. 'His experience and expertise will be invaluable as we put our two companies together and move forward as the premier financial services company in the world.'

'This is an opportunity to create what will be the leading financial institution in the world. Combining these two companies will create great value for our shareholders and clients around the world,' said Thain. 'I look forward to working with Ken and the business leaders at both companies as we build the world's premiere financial services firm.'

Moynihan will continue as president of GCIB until the merger occurs. After that, he will become President of Private Equity and Global Operations reporting to Lewis. The Bank of America private equity business, LaSalle Global Trust Services, Enterprise Delivery and Technology, Legal, and Supply Chain Management will begin reporting to him immediately.

'Our company will look quite different after the merger,' Lewis said. 'I have asked Brian to lead an effort that will redefine our business model, taking into account the strengths of both predecessor companies and our extensive opportunities around the world. Brian's background in corporate development, wealth management and corporate and investment banking make him the ideal person to lead this initiative.