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U.S. Trust Replaces Boss Who Stopped its Advisor Drain

October 2, 2017

Bank of America has appointed a new head of its high net worth wealth management unit U.S. Trust, the Wall Street Journal writes.

Keith Banks, who has led the unit since 2009, is stepping down from his post to serve as vice chairman of the Global Wealth and Investment Management division, which includes U.S. Trust and Merrill Lynch, according to the paper. Banks is being replaced by Katy Knox, who has been with the firm since 1986 and previously led Bank of America’s business banking operations, the Journal writes.

Banks will also continue on as head of the Chief Investment Office and Investment Solutions Groups, which he took on last November, according to the paper. A Bank of America spokeswoman tells the Journal that Banks had been essential to reversing U.S. Trust’s recent advisor and client drain. Banks is joining John Thiel, another vice chairman in the Global Wealth and Investment Management unit, according to the paper. Thiel had led Merrill Lynch for about five years before stepping down last October, the Journal writes. Banks, Thiel and Knox weren’t available for comment, according to the paper.

(Getty)

Separately, UBS has picked up two advisors in California in recent weeks, including one from Merrill Lynch, InvestmentNews writes. Joseph Caselle had managed $250 million and produced close to $1 million in revenue while at Merrill Lynch, a UBS spokeswoman tells the publication. UBS also nabbed Thomas Melohn, a 25-year Morgan Stanley veteran who had overseen more than $200 million and produced over $1.5 million annually, the UBS spokeswoman tells InvestmentNews.

By Alex Padalka
  • To read the InvestmentNews article cited in this story, click here.
  • To read the Wall Street Journal article cited in this story, click here.