Brian Moynihan, who takes over from Bank of America's retiring chief executive Kenneth Lewis, said the giant US bank does not plan to sell its US Trust unit.

The executive told bank employees in Charlotte that the bank has no plans to sell the private wealth management unit it purchased in 2006 for $3.3 billion, media reports said.

Some analysts have speculated that the bank has no need for US Trust after buying Merrill Lynch and its wealth business in early 2009.

But Moynihan said US Trust is an important part of the broader bank, which he described as an all-encompassing, global franchise.

"There isn't a market we can't transact in, and a place we can't get capital," Mr Moynihan said.

Bank of America has become the world’s largest wealth manager via its purchase almost a year ago of Merrill Lynch, although UBS, the Swiss firm, remains arguably the world’s top international firm, as BoA is a predominantly domestic US firm.