BofA Beefs Up Investment Banking
[Update 1] Bank of America (BAC) continues adding executive appointments on the heels of a shuffling of executives and strategists with the goal of the bank “achieving its true potential.” This time the appointments arrive on the investment banking branch of the company. Bank of America/Merrill Lynch named Stefan Selig executive vice chairman of Global Corporate & Investment Banking, a BofA spokesman tells HousingWire. Formerly vice chairman of Global Mergers & Acquisitions for the company, Selig brings a history of mergers and acquisitions banking to the position and is currently advising in a number of deals including BofA’s joint venture with First Data and Time Warner’s spin-off of AOL. Bank of America/Merrill Lynch names another veteran, Steven Baronoff, as chairman of the division. He has led the global mergers and acquisition business of Merrill Lynch since 2000 and in the past advised on a number of commercial deals including P&G's acquisition of Gillette and Sara Lee's spin-off of Hanes Brands. Both Selig and Baronoff are based in New York and will report to Brian Moynihan, president of Global Banking and Wealth Management. Write to Diana Golobay.