(Bloomberg) -- Bank of America Corp., the second-largest lender in the U.S. by assets, named Andy Sieg head of the bank's Merrill Lynch wealth-management unit, replacing John Thiel.
Sieg, 49, who currently runs the bank's global wealth and retirement solutions division, will assume the post on Jan. 1, the Charlotte, North Carolina-based lender said Thursday in a statement. Thiel, 56, will stay at the firm as vice chairman.
Sieg and Thiel will continue to report to Terry Laughlin, head of the bank's global wealth and investment-management division. A replacement for Sieg hasn't been named, said Susan McCabe, a bank spokeswoman.
Bank of America's global wealth and investment-management division houses the Merrill Lynch and U.S. Trust advisory arms. Profit from the business rose 7.9 percent to $722 million in the second quarter compared with a year earlier, according to regulatory filings.
Sieg took on his current role in 2011 under Sallie Krawcheck, a former wealth-management division president. Krawcheck recruited Sieg two years earlier from Citigroup Inc., where he was employed for four years. He had previously worked at Merrill Lynch, joining as an analyst in the wealth-management business, according to the statement.
“Andy Sieg has more than 20 years of experience at Merrill Lynch and has proven to be both a dynamic leader and accomplished at strategy execution,” Laughlin said in the statement.
Thiel will serve as an adviser to Laughlin while considering how to fulfill “his commitment to working with organizations that help people who are less fortunate,” according to the statement.
To contact the reporter on this story: Laura J. Keller in New York at lkeller22@bloomberg.net. To contact the editors responsible for this story: Peter Eichenbaum at peichenbaum@bloomberg.net, Steven Crabill, Steve Dickson
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