John Thiel
BofA Merrill reorganizes broker and management ranksPosted by RJ and Makay on Sep 22, 2011 |
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Bank of America Merrill Lynch wealth management head John Thiel, in a memo to employees yesterday, announced a major restructuring of the firm’s brokerage and management ranks. The reorganization reduces the number of company regional managers from 24 to 11, and comes two weeks after Thiel’s former boss Sallie Krawcheck exited the company. The reshuffling of the regional markets aims to service clients more effectively and reduce layers of management.
Young people may be losing hope that investing can make them wealthy. Many individuals with more than $250,000 in investable assets are worried that they may not be able to save enough to sustain themselves for the rest of their lives, according to a new Merrill Lynch quarterly survey. Survey recipients cited economic weakness, roller coaster markets, rising health care costs and college costs as the main reasons behind their worries.
John Thiel has been chosen to lead Bank of America’s Merrill Lynch brokerage operation. BofA wealth management division president Sallie Krawcheck picked Thiel to replace former Merrill executive Lyle LaMothe, who announced March 4 that he is retiring to pursue personal interests.
