What You Need to Know
- Sieg, president of Merrill Lynch, is now responsible for the investment solutions and personal retirement groups.
Bank of America Corp. revamped leadership across its wealth-management business, placing more responsibilities on current heads Andy Sieg and Katy Knox.
Certain product teams were moved under Sieg and Knox to better align with client needs, the executives said Thursday in an interview. Changes went into effect immediately.
Sieg, president of Merrill Lynch, is now responsible for the investment solutions and personal retirement groups. Knox, president of the private bank, adds responsibility for the wealth-management banking and lending strategy unit and the trust specialists team.
“These changes are about streamlining our wealth-management businesses and pulling product capabilities closer” to the unit, Sieg said in an interview.
The adjustments come as demand for advisers climbs and banks bolster businesses that serve affluent clients. Bank of America reported record year-over-year growth across its wealth management businesses, including a 12% jump in revenue to $20.7 billion, and $4.3 trillion in client balances at the end of 2021.
Bank of America’s revamp “is accelerating growth we’ve already seen and gets us closer to client delivery,” Knox said.