To renew relationships with its major corporate clients due to departures following the Merrill Lynch acquisition, Bank of America has promoted two mergers and acquisitions bankers – reported Wall Street Journal.
The Charlotte, North Carolina-based bank has named Steven Baronoff, a former Merrill Lynch Executive, as Chairman of global mergers and acquisitions. Mr. Baronoff, as senior adviser to client and deal teams, will focus on pursuing new deals. Stefan Selig, a senior Bank of America Executive, is appointed as Executive Vice Chairman of its global corporate and investment banking operations. In this role, Mr. Selig will focus on forging relationships with CEOs and board members.
In a telephonic interview to Reuters, Mr. Baronoff said: “It’s a sign of continuity and stability, to take two of the most senior bankers, one from legacy Merrill Lynch and one from Bank of America, and put them in these roles. You’re going to see more hires to come.”
