Andy Sieg, a veteran of Merrill Lynch, bids farewell financial institution of America take part Citi group.
He would be the new head of Citi World Wealth, reporting to Jane Fraser, the financial institution’s CEO. Sieg will start his new place in September, as an announcement from Fraser requires him to take a six-month depart of absence earlier than beginning the brand new place.
“Rising Wealth is a core pillar of our technique and can enhance our enterprise combine by including extra fee-based income and producing higher returns,” Fraser stated within the announcement. “In my conversations with Andy, it is clear to him that our workforce is on a mission to rework Citi – and he is very pushed and motivated to play a central function in our firm’s management.”
Beforehand, Sieg was president of Merrill Lynch Wealth Administration, a place he held for six years. He additionally served on Financial institution of America’s government administration workforce. The financial institution acquired Merrill through the Nice Monetary Disaster disaster.
Particular person, Financial institution of America introduced that Lindsay Hans and Eric Schimpf have been named presidents and co-heads of Merrill Wealth Administration. They’ll report back to Financial institution of America CEO Brian Moynihan.
— CNBC’s Hugh Son contributed reporting.
