BofA shuffles the deck in wealth, consumer units
Bank of America has shuffled executives in its wealth management and consumer banking divisions.
BofA announced late Tuesday that Andy Sieg, head of Merrill Lynch Wealth Management, and Katy Knox, president of the company’s trust and private banking divisions, will join the management team of the Charlotte, N.C., company, reporting directly to CEO Brian Moynihan. Their appointments follow the unexpected death of Terry Laughlin, vice chairman in charge of wealth management, earlier this fall.
Additionally, Thong Nguyen, previously co-head of the company’s retail banking business, will serve as vice chairman, where he will oversee corporate strategy and payments. Dean Athanasia, who served alongside Nguyen as co-president, will assume sole leadership the retail division, which includes both consumer and small business banking.
"We serve three groups of clients — people, companies, and institutional investors — through eight lines of business by delivering all the capabilities we can offer to each of our relationships," Moynihan said in a press release. "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."
BofA also said that Anne Finucane, vice chairman in charge of branding and social policy matters, will devote more time to her role as chairman of BofA’s European division, which is based in Dublin. In that role Finucane — one of American Banker’s Most Powerful Women in Banking — will lead the company through the fallout of the United Kingdom's pending exit from the European Union.
Chief Administrative Officer Andrea Smith, meanwhile, will take on additional responsibilities, including marketing, communications, consumer data and analytics.
Smith, another Women in Banking honoree, currently manages the bank's capital planning, including its annual stress tests, as well as global security, procurement and its 80 million-square-foot real estate portfolio.