Bank of America Names Moynihan to Head Global Banking and Wealth Management; Montag to Report to CEO

    CHARLOTTE, N.C., Jan. 22 /CNW/ -- Bank of America today announced that
Brian Moynihan has been named President of Global Banking and Global Wealth
and Investment Management.
    (Logo: )
    Moynihan replaces John Thain who is leaving the company.
    The company also said that Tom Montag will continue to run Global Markets
and will now report to Ken Lewis, Bank of America chairman and chief executive
officer. Montag will also become a member of the Management Executive Team,
which sets strategy for the company.
    Moynihan has been General Counsel of Bank of America. He will occupy that
role while the company searches for his replacement. Previous to the merger
with Merrill Lynch, Moynihan ran Global Corporate and Investment Banking for
Bank of America. Before that, he was President of Global Wealth and Investment
Management at the company.
    "Brian Moynihan is a strong manager and one of those people who can
effectively envision strategy and execute," said Ken Lewis, Bank of America
chairman and chief executive officer. "He has excelled at everything we have
asked him to do." Lewis emphasized that the change in leadership in no way
reflects a significant change in direction for the Global Banking or wealth
management units.
    "Those organizations, which formed the heart of Merrill Lynch, will
continue to serve their clients as world class financial service providers,"
Lewis said. "We are quite happy with their performance since the merger."
    Lewis added that, "Tom Montag is getting a well-deserved promotion. He
has provided strong leadership during our transition so far, and we believe
that Global Markets will in the future be a significant profit center for our
    Moynihan, 49, continues to report to Lewis and be a member of the
company's Management Executive Team. He joined Bank of America in 2004,
following Bank of America's merger with FleetBoston Financial. At Fleet, he
led Brokerage & Wealth Management after leading Fleet's Internet strategy.
Before that, he directed the corporation's strategic development for six
years, overseeing all mergers and acquisitions. He joined Fleet Financial
Group in April 1993 as Deputy General Counsel.
    Montag, 52, joined Merrill Lynch as executive vice president and head of
global sales and trading in 2008, prior to the company's merger with Bank of
America. Before that, he was with Goldman Sachs Group, Inc., where he was
co-head of the global securities business and a member of the company's
Management Committee and Equities/FICC Executive Committee. During his 22
years with Goldman Sachs, Montag was co-president of the firm's Japanese
operations and co-head of Asian FICC and Equities, before becoming co-head of
the global securities business. Earlier in his career, Mr. Montag ran the
firm's global derivatives business.
    Bank of America
    Bank of America is one of the world's largest financial institutions,
serving individual consumers, small and middle market businesses and large
corporations with a full range of banking, investing, asset management and
other financial and risk-management products and services. The company
provides unmatched convenience in the United States, serving more than 59
million consumer and small business relationships with more than 6,100 retail
banking offices, nearly 18,700 ATMs and award-winning online banking with
nearly 29 million active users. Following the acquisition of Merrill Lynch on
January 1, 2009, Bank of America is among the world's leading wealth
management companies and is a global leader in corporate and investment
banking and trading across a broad range of asset classes serving
corporations, governments, institutions and individuals around the world. Bank
of America offers industry-leading support to more than 4 million small
business owners through a suite of innovative, easy-to-use online products and
services. The company serves clients in more than 40 countries. Bank of
America Corporation stock is a component of the Dow Jones Industrial Average
and is listed on the New York Stock Exchange.


For further information:

For further information: Investors, Kevin Stitt, Bank of America,
+1-704-386-5667; Lee McEntire, Bank of America, +1-704-388-6780; Reporters,
Bob Stickler, Bank of America, +1-704-386-8465, Web Site:

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