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March 31, 2011 at 09:48 AM
Bank of America wealth-management President Sallie Krawcheck (left) has narrowed her search for the new head of Merrill Lynch, according to a Bloomberg report on Wednesday.
Two deputies in the running for the post, now held by Lyle LaMothe, are Andrew Sieg and John Thiel, Bloomberg says, and one of two regional directors could also be tapped.
The company wouldn’t confirm this information, but said in a statement: “We’re fortunate to have a deep bench of talented senior managers in the organization to consider for this important role and we’re being thoughtful and diligent in the process.”
Sieg is now in charge of retirement services for BofA, while Thiel runs the private bank and investment group for Merrill. Thiel joined Merrill as an advisor in Tampa, Fla., in 1989, while Sieg joined the firm as an analyst in 1992.
“It's important that Merrill Lynch choose someone that has credibility with the retail sales force,” said executive-search consultant Mark Elzweig (left) in New York. “It's good that the top candidates vying for the job all have deep roots at Merrill.”
As of December 2010, Merrill's "thundering herd" included roughly 15,500 financial advisors.
