Andy Sieg, the pinnacle of Financial institution of America Merrill Wealth Administration since 2017, has left the agency and is about to affix Citigroup in six months. At Citi, he will probably be in control of the World Wealth unit.

Sieg initially got here to Merrill Lynch in 1992. He left to work for Citi from 2005 to 2009, when he rejoined Merrill.

“It is a incredible alternative to construct a number one wealth administration enterprise on the world’s most international financial institution at a time of huge wealth creation worldwide. There’s a transformation underway at Citi, and I’m enthusiastic about changing into a part of a staff that’s pushed to ship for shoppers, colleagues and shareholders,” Sieg stated in a press release.

Citigroup’s international wealth administration enterprise had property beneath administration of $746 billion on the finish of 2022, down 8% from 2021.

“Andy’s determination to affix Citi sends a powerful sign in regards to the potential of our wealth proposition and the attractiveness of our distinctive international providing,” in response to Citi CEO Jane Fraser.

Sieg “is required to take a six-month depart earlier than beginning his new function, so he’ll start in September,” Fraser stated in a notice shared with Citi employees. “Jim O’Donnell will proceed as head of [the] wealth till Andy begins. Jim will then transition absolutely into his new function as govt vice chairman of Citi and head of Senior Shopper Engagement.”

“Rising [the wealth unit] is a core pillar of our technique and can enhance our enterprise combine by including extra fee-based income and drive improved returns,” she defined. “In my conversations with Andy, it’s clear to him that our staff is on a mission to rework Citi — and he’s extremely pushed and motivated to play a central function in our agency’s management.”

Merrill’s New Leaders

Changing Sieg at Merrill Wealth will probably be co-heads Lindsay Hans (above left) and Eric Schimpf. Hans started her work for the agency in 2014, whereas Schimpf began his profession as a Merrill monetary advisor in 1994.

Merrill’s shopper balances totaled $2.8 trillion as of Dec. 31, 2022, in accordance to the financial institution. BofA ended 2022 with 19,273 advisors throughout its international wealth and client banking operations; this was up 427 advisors from late 2021.