Merrill Lynch announced today that James P. Gorman has been appointed president of the U.S. Private Client Group (USPC), the firm’s retail division.

Gorman, 43, succeeds Stanley O'Neal, who was promoted to president and chief operating officer in July.

Since May 2000, Gorman has been the No. 2 retail executive, and headed Merrill’s discount unit as well.

Under Gorman’s direction, the firm rolled out a new Wealth Management Services Group earlier this year, and announced plans to move 500,000 smaller accounts to its call centers by the end of 2001 (see RR, May 2001, Page 30).

Gorman joined Merrill in July 1999 as executive vice president and chief marketing officer. Prior to joining the firm, Gorman was a senior partner with McKinsey & Company in New York, where he worked closely with Merrill. From 1982 to 1985, he practiced law in Melbourne, Australia, where he was born.

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