Merrill Lynch WM and U.S. Trust Bosses Now Have a Bigger Role in Bank of America
Following the unexpected death of its former global wealth management chief Terry Laughlin in October, Bank of America has promoted Andy Sieg and Katy Knox to the management team, according to news reports.
Knox has a broad range of experience working across various business segments, while Sieg, who joined Merrill Lynch in 1992 as a financial analyst, is seen by people he’s worked with as being able to get along with the unit’s financial advisors as well as the bank, according to the newswire.
As head of the unit, Sieg’s focus has been on boosting referrals to the bank for products such as loans and credit cards, Reuters writes.
Moynihan, meanwhile, called Bank of America’s wealth management business “the best business there is the world” on a call with analysts in October, according to the newswire.
The unit’s profit jumped 28% in the first three quarters of 2018, with client balances reaching close to $2.8 trillion, 84% of which were with Merrill Lynch, Reuters writes.