Top Firm Said Thinking Of Bringing Back Senior Hire To Work For Boss He 'Hates'

Sallie Krawcheck

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.

CNBC's John Carney has reported that the vacancy, which was caused by the 'retirement' of long-time Merrill Lynch man Lyle LaMothe, was thought originally to be between John Thiel and Andrew Seig. Thiel is said to be the choice of Bank of America CEO Brian Moynihan, while Seig is believed to be favoured by BofA's global wealth management head Sallie Krawcheck.

But another name is now said to have entered the frame - that of Dan Sontag, another long-time Merrill man who left the firm in 2009, after Krawcheck was brought in over his head. And Carney's sources have told him that bank execs have already met secretly with Sontag to try and build a few bridges.

Although the news is likely to be well received over in BofA's wealth management ranks, it's not clear how well Ms Krawcheck will take it. 'Just talking to Sontag is a huge insult to Krawcheck. He hates her', a person familiar with the situation told CNBC.

But perhaps the dalliance with Montag is all part of a cunning plan designed to ensure that Moynihan gets his man (Thiel) after all, as Ms Krawcheck is surely likely to settle for the latter rather than suffer the indignity of welcoming Sontag back.

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