By Lananh Nguyen and Nupur Anand
NEW YORK (Reuters) – Bank of America Corp promoted Lindsay Hans to lead its Merrill Private Wealth Management, international and institutional groups, the company said on Monday.
Hans’ appointment takes immediate effect after her predecessor, Don Plaus, decided to retire after 32 years with the company. She has overseen the wealth manager’s Northeast and mid-Atlantic divisions for the last six years.
The second-largest U.S. lender reported a larger-than-expected fourth-quarter profit in January. Its wealth management arm hired 800 advisers in the second half of 2022, while full-year revenue rose to a record $18.1 billion.
Still, client balances fell 12% for the wealth unit, driven by lower market valuations.
Merrill also elevated Keith Glenfield to become the Northeast division executive, succeeding Hans. He was previously the head of investment solutions and personal retirement.
Ad: Save every day with Amazon Deals: Check out today's daily deals on Amazon.
Nancy Fahmy was appointed the sole head of the investment solutions group.
(Reporting by Nupur Anand and Lananh Nguyen in New York; Editing by Matthew Lewis)