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Bank of America Expands Wealth Management Group in Push to Win Rich Clients

  • April Schneider will run new organization of around 3,500
  • Banks are competing for affluent clients to help boost returns

Bank of America Corp. formed a new wealth management banking and lending group as the firm expands its offering to affluent clients increasingly sought by rivals.

The new organization comprises about 3,500 employees and will be led by April Schneider, a spokesperson confirmed to Bloomberg News. The expanded group includes the bank’s wealth management banking specialists, loan officers, banking and lending product strategy as well as wealth-management client-care specialists, according to the company.