Last updated: January 30, 2012 9:21 am

BofA shuffles investment banking arm

Bank of America has reshuffled the leadership of its corporate and investment banking division, handing Christian Meissner sole responsibility for the business.

Mr Meissner, who joined BofA in April 2010 after careers at Goldman Sachs, Lehman Brothers and Nomura, is one of London’s best-known bankers, and has been a key figure in BofA’s efforts to rebuild its European investment banking franchise following its tie-up with Merrill Lynch at the height of the crisis.

Dozens of senior bankers left in the aftermath of the merger, amid a perceived culture clash between the two institutions.

Under Thomas Montag, co-chief operating officer of the bank with overall supervision of its securities business, BofA has recovered ground as some European rivals faltered.

Under the new structure, Mr Meissner will have sole responsibility for BofA’s global mergers and acquisitions and capital markets businesses.

He will relocate to New York this summer, and report to Mr Montag, according to an internal memo seen by the Financial Times.

Mr Meissner’s two former co-heads of global corporate and investment banking, Paul Donofrio and Michael Rubinoff, are staying with the bank.

Mr Donofrio will be head of global corporate banking credit and transaction banking.

Mr Rubinoff is moving to become chairman of the division, where he will focus on deepening the corporation’s most important corporate and investment banking relationships, according to the memo.

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