Kraus to Lead Merrill's Business Strategy

The latest in a string of former Goldman Sachs executives to join the firm's inner circle, Peter S. Kraus was named executive vice president of Merrill Lynch, and will oversee business strategy and investments, global growth and corporate acquisitions.

Kraus worked 22 years at Goldman, serving as co-head of investment management, a member of the management committee, and head of firm-wide strategy. He also co-led Goldman's financial institutions group until 2001, when he moved to the bank's investment management division.

He'll be a member of Merrill Lynch's management committee and will report to Chief Executive John Thain, a fellow Goldman alumnus. "Peter Kraus will be a tremendous resource to me and the senior management team in identifying the best opportunities for growth and investment around the world," Thain said.