Oct. 2 (Bloomberg) -- Bank of America Corp. Chief Executive Officer Kenneth Lewis said John Thain, the CEO at Merrill Lynch & Co., will stay after the companies are combined to oversee corporate and investment banking and wealth management.

Brian Moynihan will continue as president of global corporate and investment banking at the Charlotte, North Carolina-based company until the purchase of Merrill Lynch is completed and then take on a new role, the bank said today in a statement.

Lewis, 61, took advantage of slumping share prices this year to make two of the biggest purchases in his seven-year tenure as CEO. The bank bought Countrywide Financial Corp., the largest U.S. mortgage lender, for $2.5 billion in July and plans to buy Merrill Lynch & Co., the world's largest securities brokerage, for $50 billion. Thain's role at the bank doesn't mean the 53-year-old executive is being tapped as the successor to Lewis, bank spokesman James Mahoney said.

``There's been no commitment around that,'' Mahoney said in an interview today. Thain ``is joining the team as a senior leader.''

Thain will be in charge of units that contributed about 35 percent of Bank of America's revenue for the first half of 2008, and they'll make up an even bigger proportion after the merger is completed.

Thain, who replaced Stan O'Neal as Merrill Lynch's CEO last December, will become president of a new unit called Global Banking, Securities and Wealth Management. It will include Bank of America's corporate and investment bank and most of its wealth and investment-management business, such as the company's securities brokerage and asset-management units.

Frontrunners

Other Bank of America executives cited by analysts as potential successors to Lewis include Liam McGee, president of the consumer banking unit that contributes a majority of profits; Barbara Desoer, who oversees the mortgage business including Countrywide; and Amy Brinkley, the chief risk officer.

No decisions have been made concerning the roles of other senior Merrill Lynch executives, Mahoney said. There also was no announcement regarding Keith Banks, who now heads Bank of America's wealth and investment management unit, which includes Banc of America Securities and the Columbia asset management and mutual fund businesses.

Moynihan, 48, will become president of private equity and global operations, reporting to Lewis. He will also oversee technology, legal and supply chain management. Lewis promoted him to run the investment bank last fall after ousting Gene Taylor.

Moynihan and Tom Sanzone, a Merrill Lynch executive vice president, will oversee the merger of the second largest U.S. commercial bank with the world's largest securities brokerage. ``They will work to ensure that the companies come together in an optimum way,'' according to the statement.

To contact the reporter on this story: David Mildenberg in Charlotte at dmildenberg@bloomberg.net

Last Updated: October 2, 2008 10:04 EDT