Bank of America's head of wealth management is retiring in the latest shakeup of the company's executive ranks.

Vice Chairman David Darnell retires later this year, according to the bank, and is to be replaced by Terry Laughlin, a former chairman of Merrill Lynch Bank & Trust. There were no changes announced to the current leadership at Merrill Lynch, helmed by John Thiel and Andy Sieg. Keith Banks remains as president of U.S. Trust, BofA's brokerage unit for ultrahigh-net-worth clients.

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