8-KLeadership ChangesExhibits & Filings

BANK OF AMERICA CORP /DE/ 8-K Report, Executive Changes (Oct 7, 2008)

Filed October 7, 2008For Securities:BACBAC-PBBAC-PKBAC-PLBAC-PMBAC-PNBAC-PSBML-PJBAC-PEBAC-PPBAC-PQBACRPBML-PGBML-PHBML-PLBAC-POMER-PK

Summary

This 8-K filing from Bank of America (BAC) on October 7, 2008, primarily announces key leadership changes following the anticipated merger with Merrill Lynch. The report details the appointment of John Thain, currently CEO of Merrill Lynch, as President of a new Global Banking, Securities and Wealth Management unit. Brian Moynihan, currently head of BAC's Global Corporate and Investment Banking, will lead a newly formed Private Equity and Global Operations division. These appointments are effective upon the completion of the Merrill Lynch merger, which is still subject to regulatory and stockholder approvals. The filing also reminds investors about the ongoing merger process and directs them to relevant SEC filings for more detailed information.

Key Highlights

  • 1John Thain, CEO of Merrill Lynch, to become President of a new Global Banking, Securities and Wealth Management unit post-merger.
  • 2Brian Moynihan to lead a new Private Equity and Global Operations division, assuming immediate additional responsibilities.
  • 3Both Thain and Moynihan's new roles are contingent on the successful completion of the Merrill Lynch merger.
  • 4The merger agreement, dated September 15, 2008, has been approved by the boards of both companies but requires further regulatory and stockholder approvals.
  • 5The filing incorporates a press release dated October 2, 2008, as Exhibit 99.1, detailing these leadership changes.
  • 6Investors are directed to the SEC website and company websites for detailed information regarding the merger, including a preliminary joint proxy statement/prospectus on Form S-4.

Frequently Asked Questions

Bank of America announced that John Thain, currently CEO of Merrill Lynch, will become President of Global Banking, Securities and Wealth Management. Brian Moynihan, currently president of Global Corporate and Investment Banking, will become president of Private Equity and Global Operations. These changes are effective upon the completion of the merger with Merrill Lynch.

No, the merger is not yet finalized. The Agreement and Plan of Merger has been approved by the Boards of Directors of both Bank of America and Merrill Lynch, but it is subject to customary closing conditions, including regulatory and stockholder approvals.

Investors can find more information on the SEC's website, as well as Bank of America's and Merrill Lynch's websites. A Registration Statement on Form S-4, which includes a preliminary joint proxy statement/prospectus, has been filed with the SEC and will contain important details about the merger.

Effective immediately, Brian Moynihan will assume responsibility for Bank of America's private equity business, LaSalle Global Trust Services, Enterprise Technology and Delivery, Legal, and Supply Chain Management. He will continue as president of Global Corporate and Investment Banking until the merger is completed.