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BofA Shakes Up Merrill Lynch Leadership Under New Chief Sieg

  • More than a dozen executives are taking new roles or leaving
  • Sieg wants division to feel ‘smaller, more tightly integrated’
Norway's Wealth Fund Buys Bank Of America Office In London For $944 Million
Photographer: Chris Ratcliffe/Bloomberg
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Bank of America Corp.’s new wealth management chief, Andy Sieg, is reorganizing his Merrill Lynch herd.

In a broad leadership shakeup announced Wednesday, Sieg cut the number of divisions within Merrill Lynch to six from 10 and promoted Mike Adornetto to serve as chief operating officer for wealth management. At least four of Sieg’s regional deputies will leave the company or seek new positions, according to a staff memo obtained by Bloomberg. He granted several other executives new or expanded roles.