Following its $50 billion acquisition of Merrill Lynch, Bank of America plans to move the major part of its wealth management from Boston to New York, The Boston Globe reports. That means that BoAs U.S. Trust private banking unit and Columbia Management mutual funds groups will also make the move.
Although some of the top executives at Merrill will remain with the firm after the merger, BoA has selected one of its own, Keith Banks, to head up the merged entity.
In early October, Merrill Lynch CEO John Thain was named president of BoAs global banking, securities and wealth management. With the latest announcement, Merrill Vice Chairman Bob McCann is now being named head of financial advisers. Merrill COO Greg Fleming is now in charge of corporate and investment banking.
BoA first moved its wealth unit to Boston in 2004.
Despite the decision to move this unit to New York, BoA spokesman James Mahoney said the bank was committed to keeping its current employee headcount of 8,000 in Massachusetts at that level.