BofA shakes up wealth management leadership roles

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Bank of America reassigned some leadership responsibilities within its wealth management unit, moves that come a few weeks after John Thiel stepped down as head of Merrill Lynch.

Keith Banks, president of U.S. Trust, will now lead the Chief Investment Office and Investment Solutions Group within Bank of America's Global Wealth and Investment Management unit, which includes Merrill Lynch and U.S. Trust.

In his expanded role, Banks will oversee a unit that includes the managed solutions, markets and alternative investments teams, a spokeswoman said.

Banks will also lead the development of additional model investment portfolios for both U.S. Trust and Merrill Lynch. He reports to Terry Laughlin, vice chairman and head of GWIM. The appointment is effective Jan. 1, 2017.

The restructuring is aimed at creating a more efficient and responsive process for advisers and clients, according to a spokeswoman.

Last month, the firm announced that John Thiel was stepping down as head of Merrill Lynch Wealth Management and would transition into an advisory role. The firm appointed Andy Sieg, head of Merrill’s Global Wealth and Retirement Solutions, as his successor.

Read more: Merrill's Thiel to step down, veteran insider named as successor

Banks will work closely with Sieg, a spokeswoman said.

Reporting to Banks is Keith Glenfield, head of the new Investment Solutions Group, and Chris Hyzy, GWIM’s chief investment officer. The pair will lead the effort in merging the two units.

Banks joined Bank of America in 2004 on the institutional investment management side, and was promoted to president of U.S. Trust in 2008, according to his LinkedIn profile. Prior to Bank of America, he worked for FleetBoston Financial and J.P. Morgan. He got his start in the investment industry in 1981 as an equity analyst for Home Insurance, Banks’ U.S. Trust biography shows.

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Career moves Wirehouses Keith Banks Bank of America Merrill Lynch U.S. Trust