LONDON, Sept 20 (IFR) - Bank of America Merrill Lynch has promoted Jim O'Neil, who previously ran the UK government body that managed the taxpayers' holdings in bailed out banks, to co-head its corporate and investment bank in Europe.
O'Neil is to run CIB for Europe, Middle East and Africa alongside Bob Elfring, according to a memo to staff seen by IFR. O'Neil and Elfring will be aiming to increase market share and grow CIB across the region, the memo said.
O'Neil and Elfring will remain in London and report to Christian Meissner, head of global CIB, and Alex Wilmot-Sitwell, president of EMEA.
O'Neil has been running BAML's global financial institutions group since rejoining BAML in 2013, after spending three years at UK Financial Investments, including as its chief executive. UKFI was set up to manage the UK government's stakes in banks including Royal Bank of Scotland and Lloyds Banking Group, tasked with trying to sell down the holdings and manage the ownership commercially. It included dealing with difficult issues such as bonus payments and shrinking the businesses.
O'Neil joined UKFI from BAML, where he began his career in 1993 in New York, before relocating to London in 1999, where he became head of international corporate finance and restructuring in 2008.
Eric Bischof will become sole head of global FIG after O'Neil's move, the memo said. Bischof is based in New York and reports to Diego De Giorgi, head of global investment banking. (Reporting by Steve Slater)