Bank of America formed a new leadership structure within its corporate and investment bank. Brian Moynihan, president of global wealth and investment management, appointed four leaders to his team: George Ellison, global structured products and institutional client management, Mike Meyer, global fixed income; Ciaran O'Kelly, global equities; and Bruce Thompson, global capital markets. The four executives will report directly to Moynihan. This change in position follows an announcement earlier this year for Tom White, who transitioned from being head of global markets to managing the bank's trading of its own holdings. Meanwhile, Rich Prager, who previously led a group that included foreign exchange products, is leaving the bank.
Brian Lancaster has left his role as head of structured products research at Wachovia Securities to become head of portfolio strategy and chief investment officer of the bank's real estate division. Lancaster will be reporting to Bob Reid, head of real estate at the firm. This change was effective on Tuesday last week. Diane Schumaker-Krieg, current global head of research, will serve as head of structured products until a replacement is chosen. Senior structured product research analysts Tony Butler, Greg Laughton and Steve Mayeux will join Lancaster's team. The structured products research group will be adding a senior CMBS research analyst as well.