John Thiel, current head of New York City-based Merrill Lynch Wealth Management, has decided to step down from his position, effective Jan. 1, 2017, Bank of America (BoA) announced Thursday.
Thiel will take on a new role as vice chairman of global wealth and investment management (GWIM) at BoA, the parent company of Merrill Lynch, providing advice on business integration, goals-based wealth management and regulatory issues.
Andy Sieg, current head of BoA’s global wealth and retirement solutions (GWRS) division, will succeed Thiel as head of Merrill Lynch Wealth Management, effective Jan. 1, 2017.
In addition to his leadership of GWRS, Sieg also currently manages the GWIM chief investment office team together with Keith Banks, president of U.S. Trust,
Sieg joined Merrill Lynch as an analyst in 1992, and has had a variety of roles at the firm.
“Under Andy’s leadership, we’ll continue to implement our goals-based advice model. He is ideally suited to lead Merrill Lynch on the next phase of its journey,” says Terry Laughlin, head of GWIM and vice chair at BoA, in a news release.