John Thain, chairman and chief executive of Merrill Lynch, is retaining his close lieutenants—including Greg Fleming, Bob McCann and Tom Montag, who is due to receive a $39.4m (€31m) bonus in January—in the wake of the firm’s acquisition by Bank of America.

At the beginning of this month, Bank of America said Thain will become president of global banking, securities and wealth management in the combined company once the merger is completed.