Bank of America has set up a team of thousands of employees to offer banking and lending services to the firm’s wealth management clients, according to news reports.
Last month, Chief Executive Officer Brian Moynihan appointed April Schneider to lead the wealth management banking and lending group, which comprises 3,500 people, Reuters writes.
The team, which includes employees from the bank's wealth and consumer lines, is tasked with underwriting margin loans, securities lending, mortgages and vehicle loans, according to the newswire.
The group will work with financial advisors and private bankers, who in turn will focus on investments and other financial planning services such as estate and tax planning, Reuters writes.
"We will be the ultimate concierge service for advisors," Schneider said, according to the newswire.
Schneider reports to Merrill Wealth Management president Andy Sieg as well as to Katy Knox, president of Bank of America’s private bank, Reuters writes.
Schneider previously served in several capacities, including in capital planning, payment services and overseeing expenses in Bank of America’s real estate portfolio, according to the newswire.
Sieg laid out a vision for “high-tech” and “high-touch” service from Merrill Lynch in April, signaling that the wirehouse was aiming for “a blended service model” that serves clients “across investing, banking, lending, trust and planning.”
In the second quarter of 2022, deposits in BofA’s wealth and investment management division reached $348 billion, up 5% year-over-year, while loans reached $222 billion, a 12% increase year-over-year, Reuters writes, citing an earnings filing.