Bank of America Corp.'s wealth-management business is reworking its top ranks as leaders Bill Lorenz and Paul Lambert retire after three decades with the firm.
The company's Merrill Lynch Wealth Management unit named Lindsay Hans and Chandler Root to division executives, a shift that will take effect after Lorenz and Lambert step down at the end of the year, according to Merrill President Andy Sieg.
"We are promoting top performers, leaders who will help us continue to drive our 'Modern Merrill' strategy forward," Sieg said in an interview. "We have a deep bench of talent" with diverse perspectives, he said.
Merrill is adjusting its leadership as demand for advisers climbs and banks bolster businesses that serve affluent clients. UBS Group AG is starting a digital wealth manager in the U.S. and Citigroup Inc. is making a big push in the space, including plans to hire thousands of staffers in the Asia-Pacific region.
Lorenz, who started his career at Merrill in 1991, held various leadership roles across the business, including national sales manager. He currently oversees the Northeast division, one of the largest for the wealth-management firm.
Hans will take over Lorenz's role as division executive for the Northeast. She's currently a division executive for the Mid-Atlantic region, one of the highest-ranked divisions at the firm, Sieg said. The job will soon be taken over by Craig Young.
Kenneth Correa will take on Young's current role as the national business-development executive with responsibilities including acquisition and management across Merrill. Correa served as a New York City market executive, including Merrill's Rockefeller Center and Manhattan East markets.
