Merrill Lynch Wealth Management President Andy Sieg is leaving after six years at the wirehouse’s helm to join Citigroup.
Sieg will lead Citigroup’s Global Wealth division, according to a note from Citi Chief Executive Officer Jane Fraser.
Sieg will report to Fraser and become a member of Citi’s executive management team. He is required to take a six-month leave before he begins his new role, so he will start in September, according to Fraser’s letter. During that time, Jim O’Donnell will continue as head of Global Wealth and will then transition into his new role as executive vice chairman of Citi and head of senior client engagement, Fraser wrote in the letter.
Sieg has led Merrill since 2017. Before that, he was in charge of the firm’s global wealth and retirement solutions divisions. He first joined the wirehouse as an analyst in 1992 before leaving to join Citigroup’s wealth division in 2005 and then returning to Merrill in 2009.
Bank of America has appointed Lindsay Hans and Eric Schimpf to replace him as presidents and co-heads of Merrill.
Hans and Schimpf will join Bank of America’s executive management team and oversee more than 25,000 Merrill employees, Bank of America stated in a press release. The duo will report to Bank of America Chair and Chief Executive Officer Brian Moynihan.
Hans was most recently head of Merrill’s international and institutional private wealth management business and was previously a division executive for six years, first for the Mid-Atlantic and then for the Northeast. She joined the firm in 2014.
Schimpf joined Merrill in 1994 as a financial advisor and has served as a division executive for six years, first for the Southeast and then for the Pacific Coast. Hans has also been co-head of the firm’s Enterprise Advisor Development Program.
Hans will continue as a member of the firm’s Global Diversity and Inclusion Council and as a national executive sponsor of the Merrill Women’s Exchange, while Schimpf will continue as executive sponsor for the firm’s Black Professionals Group, according to Bank of America.
Source: financialadvisoriq.com
