US jobs roundup: Bank of America changes executive leadership

After separating the leadership roles of global corporate and investment banking in February, Bank of America did more restructuring last week.

Ed Brown, chief executive and president of Banc of America Securities, is retiring just a month after the bank separated the positions of chairman and chief executive. He will be replaced by Alvaro de Molina, the corporate treasury executive.

Joseph Dewhirst will succeed Molina as corporate treasurer while Marc Oken becomes chief financial officer.

Meanwhile Columbia Management group, a mutual fund arm of FleetBoston, which is merging with Bank of America, let go of three executives as a result of a probe into improper trading.

Columbia said Joseph Palombo, chief operating officer, and co-presidents James Tambone and Lou Tasiopoulos would not return to work. They were among eight employees who were put on leave in February amid the improper trading accusations.

Don Froude will replace Tamobone and Tasiopoulos. Kevin Connaughton will fill in for Palombo

UBS hired Cary Kochman from Credit Suisse First Boston to co-head its investment division for the Americas, based in Chicago. Kochman will become co-head of investment banking with Jeff Raich, who is based in Los Angeles.

Two weeks ago UBS poached one of Kochman's Chicago colleagues, James Glerum, who was managing director responsible for the diversified industrials sector at CSFB.

Merrill Lynch hired david Barrett, global head of Morgan Stanley's capital introduction group, to head its capital raising origination division.

Deutsche Bank Asset Group promoted Kevin Bell and Ross Taylor to co-head its structured credit trading for North America.

Bradley Dewey, an executive director at UBS, joined Deutsche Bank to cover the multi-industry and electrical equipment sector.

Man Investments, the US arm of Man Group's asset management division, hired Alan Delcorse and Russell Smith as vice presidents, intermediary sales.

Capital Management Advisors North America, the research subsidiary of the Geneva-based fund of funds, made Michael Holt a senior hedge fund analyst, Hedgeworld News reported.