Sam Chapin and Dan Cummings, senior Merrill Lynch executives who helped meld the firm to Bank of America after the financial crisis, plan to step down as vice chairmen, ending more than 50 years of combined work at the company.
Bloomberg News reports that Chapin joined Merrill in 1983, focused on industrial deals and eventually ran its global investment banking group. “I look forward to starting a new chapter, which I’m hopeful will include a mix of board memberships and non-profit work in education, arts and public policy,” he wrote in an internal memo sent to staff.
Cummings, who ran Bank of America’s equity capital markets operations globally after the acquisition of Merrill Lynch, and later oversaw the combined firm’s international wealth management business, also informed the company he intends to leave, according to a separate memo, which didn’t elaborate on his plan.
John Yiannacopoulos, a spokesman for the bank, confirmed the contents of the memos and declined to comment further.
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