Bank of America Names Lindsay Hans and Eric Schimpf Presidents and Co-Heads of Merrill Wealth Management

Rhea-AI Summary

Bank of America announced the appointments of Lindsay Hans and Eric Schimpf as presidents and co-heads of Merrill Wealth Management, effective March 30, 2023. They will oversee over 25,000 employees and report to CEO Brian Moynihan. Merrill's client balances were $2.8 trillion as of December 31, 2022. Hans previously led Private Wealth Management, while Schimpf has extensive experience since joining Merrill in 1994. They replace Andy Sieg, who oversaw significant growth in the department since 2017. This leadership change aims to continue Merrill's legacy and strengthen client services.

Positive

• Appointment of experienced leaders Hans and Schimpf to enhance management effectiveness.
• Merrill's client balances reached $2.8 trillion, indicating strong market positioning.

Negative

• Leadership transition may create uncertainty among clients and employees.
• Departure of Andy Sieg, who led the company through modernization efforts.

CHARLOTTE, N.C., March 30, 2023 /PRNewswire/ -- Bank of America today announced that Lindsay Hans and Eric Schimpf have been appointed presidents and co-heads of Merrill Wealth Management, reporting to Bank of America Chair and Chief Executive Officer Brian Moynihan.

As presidents, Hans and Schimpf will join Bank of America's executive management team and oversee more than 25,000 Merrill employees. Merrill's client balances totaled $2.8 trillion as of Dec. 31, 2022.

"Merrill is one of the largest wealth management businesses in the world and an integral part of Bank of America as we serve the unique needs of individuals, families and businesses," Moynihan said. "Lindsay and Eric have excelled as leaders, delivering outstanding results for our advisors and clients. I'm looking forward to them building on the success and long tradition of Merrill in the years ahead."

Hans, who most recently served as head of Merrill's Private Wealth Management, International and Institutional business, joined the company in 2014. Previously, she was a division executive for Merrill for six years, first for the Mid-Atlantic and later for the Northeast.

Schimpf began his career as a Merrill financial advisor in 1994 and has held several leadership positions within the business. He has served for six years as division executive, first for the Southeast and most recently for the Pacific Coast. He also has been serving as co-head of the Enterprise Advisor Development program.

Hans will continue to serve as a member of the company's Global Diversity and Inclusion Council and as a National Executive sponsor of the Merrill Women's Exchange. Schimpf will continue to serve as Executive Sponsor for the company's Black Professionals Group.

Hans and Schimpf succeed Andy Sieg, who is leaving the company. Sieg served as Merrill president since 2017 and led the business through a period of sustained growth and modernization of technology for advisors and clients.

Bank of America

Bank of America is one of the world's leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 67 million consumer and small business clients with approximately 3,900 retail financial centers, approximately 16,000 ATM and award-winning digital banking with approximately 56 million verified digital users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business households through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and approximately 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.

For more Bank of America news, including dividend announcements and other important information, visit Bank of America newsroom and register for news email alerts.

Investors May Contact:

Lee McEntire, Bank of America
Phone:  1.980.388.6780
lee.mcentire@bofa.com

Reporters May Contact:

Matt Card, Bank of America
Phone: 1.202.579.6879
matthew.card@bofa.com

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SOURCE Bank of America Corporation

FAQ

Who are the new co-heads of Merrill Wealth Management at Bank of America?

Lindsay Hans and Eric Schimpf have been appointed as co-heads of Merrill Wealth Management.

When were Lindsay Hans and Eric Schimpf appointed to Merrill Wealth Management?

They were appointed on March 30, 2023.

What was Merrill's client balance as of December 31, 2022?

Merrill's client balances totaled $2.8 trillion as of December 31, 2022.

What is the significance of the leadership change at Merrill?

The leadership change aims to build on Merrill's tradition and enhance client service amid ongoing growth.

How many employees will Hans and Schimpf oversee at Merrill?

They will oversee more than 25,000 Merrill employees.