BofA’s Merrill Lynch Investment Chief Shalett Leaves Firm
Bank of America Corp.’s Lisa Shalett, who was chief investment officer for the firm’s Merrill Lynch brokerage for two and a half years, will leave the company.
Shalett decided to “pursue other opportunities,” according to a staff memo today from Andy Sieg, head of the Charlotte, North Carolina-based firm’s global wealth and retirement unit. Christopher Wolfe, CIO for the private banking group, will be her interim replacement, Sieg said.
Shalett departs from Bank of America, the second-biggest U.S. lender by assets, more than a year after her former boss Sallie Krawcheck was asked to leave. Krawcheck, who ran the wealth-management division until September 2011, hired Shalett from AllianceBernstein LP in July 2010.
Susan McCabe, a Bank of America spokeswoman, confirmed Shalett’s departure and said the firm was seeking a permanent replacement. Shalett didn’t immediately return a call seeking comment on her departure.
Shalett was responsible for global investment strategy at the brokerage, home to the so-called Thundering Herd of about 15,000 financial advisers, according to a Merrill Lynch website. She worked her way from being an analyst at Sanford C. Bernstein & Co. to chief executive officer of the research firm. At AllianceBernstein, Shalett served as head of global growth equities.