Merrill corporate group head to retire

John Cummings, head of the corporate and diversified financial service group at Merrill Lynch & Co.’s retail brokerage unit is retiring.
Mr. Cummings, who will leave the company later in the month after a 26-year run at the financial services giant, oversaw Merrill’s Global Clearing Services, the Financial Advisory Center and Online Platform Strategy, the Retirement Group, and the Merrill Lynch Trust Co., according to a memo obtained by Dow Jones Newswires.
Prior to his current post, Mr. Cummings was the chief operating officer of Merrill’s Global Private Client Group, where he oversaw operating plans of various businesses, including Global Banking, Americas and International, according to the report.
Between 2001 and 2004, Mr. Cummings joined the New York-based company’s operating committee as head of global services.
During his tenure, he re-engineered the technology infrastructure on a company-wide basis and streamlined many corporate functions, according to the memo.
He also rebuilt the private client unit’s division’s online capabilities and accelerated the growth of its trust business, the report stated.