US investment bank Merrill Lynch is reshuffling its legal department and replacing the general counsel, who has been in the post for 17 years.
Rosemary Berkery, who is currently senior vice-president and director of US private client marketing and investments, is set to succeed Stephen Hammerman. She has been with Merrill Lynch since 1983, before which she was a corporate and securities lawyer at New York firm Shearman & Sterling. Hammerman will continue as vice-chairman of the board and as one of the members of the board's executive committee. In her new role, Berkery will report to the chairman and chief executive of the bank David Komansky, and to the president and chief operating officer Stan O'Neal. In the past she has served as associate general counsel at Merrill Lynch. In a statement, Komansky and O'Neal said: "As a seasoned and effective manager, [Berkery] brings an insight and understanding of all facets of our business to this important role."