Thain to stay with Bank of Amercia

John Thain, the chief executive of Merrill Lynch who has been credited by some with organising the sale of the investment bank to Bank of America and avoiding the ignominy of collapse, will stay with the enlarged group when the takeover deal goes through.

Mr Thain will become Bank of America's new president of global banking, securities and wealth management. The move is a step down for Mr Thain after his previous jobs running Merrill Lynch and before that, the New York Stock Exchange.

Mr Thain will report to Ken Lewis, Bank of America's chairman and chief executive, who, despite the deal last month, said that he had had "all the fun I can stand" with investment banking after Bank of America posted disappointing figures last year.