Tom White, currently head of global markets, will be transitioning to a new leadership role as president of the principal capital group at Bank of America.

The new group will have  oversight of all the firm's principal trading activities, which include managing BofA's CDO assets and select credit portfolios.

The bank is searching for a replacement for the head of global  markets role that White took over from Mark Wener in mid 2007. Wener left BofA after
a stint at the firm that began in October 2004.

Before becoming global markets head, White was global head of credit products. He joined Bank of America in 1994 as a managing director in high yield trading. His responsibilities have included sales, trading, research and capital markets across a range of debt products, including high grade and high yield bonds, distressed debt and syndicated lending. White joined Bank of America from Morgan Stanley.

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