Bank of America Shuffles Wealth Management Ranks
September 29 2017 - 5:19PM
Dow Jones News
By Lisa Beilfuss
Bank of America Corp. is shuffling the top ranks within its
wealth-management unit, a move that comes as the business takes on
increasing importance across Wall Street.
The Charlotte, N.C., bank said in a memo that it has named
company veteran Keith Banks as vice chairman of the Global Wealth
and Investment Management unit, which includes Merrill Lynch, U.S.
Trust and other wealth-management operations. Mr. Banks will
relinquish his position as head of U.S. Trust, which he has led
since 2009.
In his new role, Mr. Banks joins John Thiel, another wealth vice
chairman who last October stepped down as head of Merrill Lynch
after a roughly five-year stint. At the time, Bank of America said
the vice chairman of the global wealth unit would advise Terry
Laughlin, Bank of America vice chairman and head of Global Wealth
and Investment Management, on business integration, goals-based
wealth management and regulatory matters.
Mr. Banks will maintain his role as head of the Chief Investment
Office and Investment Solutions Groups, which he assumed in
November. "The move supports Keith's continued leadership of a
fundamental change in how we serve ... clients, deploying
investment solutions, including model portfolios," the bank said in
the memo.
Messrs. Banks and Thiel weren't available for comment.
U.S. Trust, acquired by Bank of America for $3.3 billion in
2007, caters to high- and ultra-high-net-worth clients. A
spokeswoman credited Mr. Banks with turning around U.S. Trust,
which struggled in recent years as the economy stumbled and it lost
advisers and clients.
Katy Knox, who has been with Bank of America since 1986, will
succeed Mr. Banks at the top of U.S. Trust, the memo said. Ms. Knox
formerly led business banking at Bank of America.
Ms. Knox wasn't available for comment.
Both Mr. Banks and Ms. Knox will report to Mr. Laughlin, the
memo said, and they will work to transition the leadership of U.S.
Trust through year's end.
Write to Lisa Beilfuss at lisa.beilfuss@wsj.com
(END) Dow Jones Newswires
September 29, 2017 17:04 ET (21:04 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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