Bank of America Corp is shaking up the leadership of its investment bank as it looks to find its footing in a difficult market environment.
In the reorganization, Christian Meissner will become head of global corporate investment banking, while two former co-heads of the unit will take on new roles, according to a memo sent to employees on Sunday by co-chief operating officer Tom Montag that was obtained by Reuters.
Meissner will report to Montag, the former Merrill Lynch and Goldman Sachs Group Inc
Paul Donofrio will become head of global corporate banking credit and transaction banking with responsibility for global treasury services, loan products and other services. Michael Rubinoff will become chairman of GCIB, where he will be charged with deepening client relationships.
In the memo, Montag said the new structure comes as the corporate and investment bank adapts "to a changing market environment to more effectively meet the needs of our clients."
Bank of America spokesman John Yiannacopoulos confirmed the contents of the memo, but declined to comment further.
(Reporting By Rick Rothacker; Editing by Matt Driskill)
