Bank of America says the heads of Merrill Lynch Wealth Management, Andy Sieg, and U.S. Trust-BofA Private Wealth Management, Katy Knox, are now part of the full bank’s management team and report directly to CEO Brian Moynihan.
“These realignments and additions to the management team reflect that operating model and position us well to continue to drive responsible growth and address strategic opportunities ahead,” according to Moynihan.
The news comes about six weeks after the death of Terry Laughlin, who led BofA’s two Global Wealth and Investment Management businesses. Laughlin previously served as the bank’s chief risk officer and was the head of its Legacy Asset Servicing group.
In the third quarter, Bank of America beat estimates, reporting a 32% year-over-year jump in net income to about $7.2 billion, or $0.62 per share, as revenue improved 4% to almost $23 billion.
The Global Wealth and Investment Management unit — has revenue of roughly $4.8 billion, with Merrill Lynch accounting for $3.9 billion of total sales. GWIM’s pretax margin was 28%, and net income increased 31% from a year ago to $1.01 billion.
Client balances for the full unit were $2.8 trillion as of Sept. 30, a 6% jump from a year ago. Average loan balances grew 5% year over year to $162 billion, thanks to residential mortgages and custom lending.