Money Matters - Simplified

BofA hires two Merrill Lynch veterans

Charlotte, N.C. -- Bank of America said Monday it had hired two Merrill Lynch veterans to serve as executive vice chairmen in the global banking division.

Sam Chapin, a 26-year Merrill Lynch employee, and Todd Kaplan, 22 years at Merrill Lynch and most recently with Citadel Investment Group, will both report to Tom Montag, head of Bank of American Merill Lynch Global Banking, the firm said in a press release.

"Sam and Todd are among the most widely respected investment bankers in the industry," Montag said in a statement.

Monday's announcement coincided with a federal judge in New York accepting a $150 million settlement between the Securities and Exchange Commission and the bank over failures to disclose key information about Merrill Lynch before shareholders voted on the merger in December 2008.

Shareholders approved the purchase, although the SEC charged they were not told of the extent of losses at Merrill Lynch or of an agreement to pay Merrill Lynch employees bonus checks after Bank of America took control of the company.

Copyright 2010 United Press International, Inc. (UPI).

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