CORRECTED - REFILE-UPDATE 2-Bank of America promotes two M&A bankers

* Selig exec vice chair of corporate & investment banking

* Baronoff chairman of global M&A

* See improvement in environment for deals (Refiles to add dropped word "exec" to first bullet point)

By Elinor Comlay and Megan Davies

NEW YORK, July 6 (Reuters) - Bank of America Corp (BAC.N) has promoted two senior mergers and acquisitions bankers as it reorganizes following its acquisition of Merrill Lynch & Co and looks to benefit from a possible pickup in deal flow.

The bank has named Steven Baronoff, a former Merrill Lynch executive, chairman of global mergers and acquisitions, and Stefan Selig, a senior Bank of America executive, as executive vice chairman of global corporate and investment banking.

The Charlotte, North Carolina-based bank has been seeking to stem a wave of departures since it bought Merrill on Jan. 1. Among the departures this year has been John Thain, Merrill's chief executive, and Greg Fleming, who oversaw its investment banking business.

Monday's promotions will help support the combination of the two businesses, Baronoff and Selig told Reuters in a telephone interview.

"It's a sign of continuity and stability, to take two of the most senior bankers, one from legacy Merrill Lynch and one from Bank of America, and put them in these roles," Baronoff said. "You're going to see more hires to come."