Robert McCann, president of Merrill Lynch global wealth management, has been confirmed as prospective head of the Bank of America's financial advisory business, once its takeover of Merrill has been completed.

The appointment will come as some relief to Merrill's army of financial advisers around the world, although the Bank of America contingent may be less happy. Keith Banks, president of global wealth at Bank of America will be head of its upmarket US Trust and Columbia Management business. The overall head of wealth and investment management has yet to be confirmed.