Moynihan pick pleases execs at Merrill Lynch
There was a genuine sense of excitement among the ranks at Merrill Lynch & Co. Inc. last week…
There was a genuine sense of excitement among the ranks at Merrill Lynch & Co. Inc. last week upon hearing that Brian T. Moynihan, Bank of America Corp.’s chief of consumer and small-business banking, had been appointed president and chief executive, ending weeks of speculation and rumors.
“It wasn’t just a sense of relief, which was part of it because, really, who needs to see more of this footrace?” said a Merrill executive who asked not to be identified. “But that fact that it’s someone we really approve of, and are interested in following, caused some excitement here.”
Mr. Moynihan was the head of FleetBoston Financial Corp.’s global wealth and investment management division before BofA bought FleetBoston in 2004.
He has also held positions as president of investment banking and as general counsel at BofA. In the latter role, he helped orchestrate the acquisition of Merrill Lynch.
Mr. Moynihan’s role in the Merrill deal, along with this expertise in wealth management, most likely means that he will keep Merrill the way it is, said David Trevena, managing director at executive search firm Westwood Partners LLC. “Since he was involved in the Merrill acquisition he has a vested interest that it works from a Merrill perspective,” Mr. Trevena said.
The appointment of Mr. Moynihan also puts to rest speculation that Sallie Krawcheck was in the running to take the top spot.
Ms. Krawcheck was hired last August to head BofA’s global wealth and investment management business, which includes Merrill.
“I’m glad they didn’t take Krawcheck” away from running retail, said a Merrill broker on the West Coast who asked not to be identified.
“She seems like she’s a brokers’ manager,” this broker said.
E-mail Jessica Toonkel Marquez at [email protected].
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