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  1. Wealth
September 30, 2009

WSJ: BoA’s Krawcheck reveals new WM top team

By Spear's

Bank of America’s new wealth-management head, Sallie Krawcheck, unveiled her leadership team in a staff memo Tuesday, tapping eight executives from the former Merrill Lynch, two from BofA and a new hire from Citigroup as her direct reports.

Bank of America’s new wealth-management head, Sallie Krawcheck, unveiled her leadership team in a staff memo Tuesday, tapping eight executives from the former Merrill Lynch, two from BofA and a new hire from Citigroup as her direct reports.

The changes come as Krawcheck, named president of Bank of America Global Wealth & Investment Management in early August, prepares a new marketing campaign for Merrill Lynch Wealth Management, the financial advisory unit that still features the iconic Merrill bull as its logo. Krawcheck expects to say more about the campaign next week.

Krawcheck put former Merrill executive Lyle LaMothe in charge of the bank’s U.S. brokerage force, overseeing the remnants of Merrill’s “Thundering Herd.”

Keith Banks and John Thiel are the new co-leaders of Private Wealth Management, with Banks also serving as president of U.S. Trust, the New York wealth-management unit for high-net worth clients that BofA purchased in 2006. Banks, a longtime BofA executive, cast doubt on his future with the company in early August by telling employees that he would stay in his job for an undetermined period of time. He held Krawcheck’s title prior to the bank’s acquisition of Merrill and once was a part of the bank’s top executive-management team. Thiel is a holdover from Merrill.

To read the full story, visit wsj.com

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