The departure of Peter Kraus, the bank's strategy head, is one of the major management changes that may arise at Merrill Lynch according to some people close to the firm.
In addition, sources close to Merrill Lynch told CNBC that McCann may no longer report to Thain directly, but may instead report to some interim executive.
The restructuring is designed to set in place the long-term management structure at Merrill Lynch, which will have to cut 5,000 or more jobs in order to make Bank of America's recent purchase of the investment bank feasible at $29 a share.
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