Bank of America have announced that John Thiel, current head of Merrill Lynch Wealth Management, has decided to step down from his position and will take on a new role as vice chairman of Global Wealth and Investment Management (GWIM), effective January 1, 2017.
Bank of America said on Wednesday that first-quarter profit and revenue fell in its Global Wealth and Investment Management division from a year earlier on lower commission income and higher expenses.
The era of wheatgrass and meditation may be coming to an end at Merrill Lynch.
After a steady reduction in its brokerage force, Merrill Lynch is again adding numbers to its 'Thundering Herd'.
The rumour mill is working overtime once again over at Bank of America. And this time it relates to the selection of a new head for the firm's US wealth management division.