Bank of America Elevates Wealth Management Executives
December 04 2018 - 7:08PM
Dow Jones News
By Rachel Louise Ensign
Bank of America Corp. plans to announce a number of executive
moves as soon as Tuesday evening, according to people familiar with
the matter.
The bank is expected to elevate two executives in the
wealth-management unit previously run by Terry Laughlin, who
reported to Chief Executive Brian Moynihan and died unexpectedly in
October. Katy Knox, head of U.S. Trust, and Andy Sieg, head of
Merrill Lynch Wealth Management, will join the bank's
executive-management team and report to Mr. Moynihan, people
familiar with the matter said.
U.S. Trust, which caters to ultrawealthy clients, and Merrill
Lynch Wealth Management, known for its "thundering herd" of
financial advisers, are the key components of Bank of America's
wealth management unit. The bank's wealth business has total client
balances of more than $2.8 trillion and about 19,000 wealth
advisers.
The bank also plans to announce that Thong Nguyen, co-head of
the bank's consumer unit and a direct report of Mr. Moynihan, will
become a vice chairman overseeing topics including corporate
strategy and payments, they said. Dean Athanasia will be sole head
of consumer banking.
Additionally, Chief Administrative Officer Andrea Smith will now
oversee the firm's marketing efforts, an area that previously fell
under Vice Chairman Anne Finucane. Ms. Finucane will spend more
time on her role as chair of the board of the bank's new European
entity, a company that had to be created due to Brexit and was
finalized this month by regulators this month. She will continue to
lead the bank's sustainability work and public policy.
(END) Dow Jones Newswires
December 04, 2018 18:53 ET (23:53 GMT)
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