Bank of America Corp. said Thursday that Merrill Lynch Chief Executive John Thain will take a new position at the bank once it finishes its acquisition of Merrill.

Thain will oversee a new division that includes many of the operations that will be merged from Merrill, including the brokerage and mutual fund operations as well as Bank of America’s investment banking and management operations already in place. Thain will serve as president of global banking, securities and wealth management.