Werner takes helm as BoA shuffles senior management

Mark Werner has been appointed chief executive officer of Banc of America Securities, the investment banking arm of Bank of America, following the promotion of Alvaro de Molina to chief financial officer.

Werner was previously head of Bank of America's global markets unit and oversaw the combination of the division's debt and equity arms last year. Previously he ran the futures and options business at JP Morgan.

The appointment comes just a day after the bank hired Ann Short from the US securities watchdog NASD as chief operating officer.

De Molina has been promoted from chief executive of the investment banking unit to chief financial officer of the corporation, succeeding Marc Oken.

Oken, who has served the company for 16 years, will retire, according to a statement.

Kenneth Lewis, chairman and chief executive officer of Bank of America, said: "Al's combination of experiences as corporate treasurer, chair of our asset/liability committee and president of one of our company's largest businesses makes him uniquely suited to lead the development of our financial strategies."

De Molina will assume the duties of the chief financial officer immediately.

Oken will assist in the transition, and will retire in the first quarter of 2006.

Werner and de Molina's management team will report to Gene Taylor, president of the bank's global corporate and investment banking team.