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Krawcheck Sets Up Global Wealth Team at BofA

The Wall Street Journal leaked a memo this afternoon from Sallie Krawcheck, head of global wealth management at Bank of America, about the executives she has appointed to report to her. We were glad to see that the two executives with whom we met recently to discuss their new wealth management platform, who were generous with their time and open and enthusiastic about their new

The Wall Street Journal leaked a memo this afternoon from Sallie Krawcheck, head of global wealth management at Bank of America, about the executives she has appointed to report to her.

We were glad to see that the two executives with whom we met recently to discuss their new wealth management platform, who were generous with their time and open and enthusiastic about their new IT architecture, and whom we featured on our September/October cover, Lyle LaMothe and Mark Alexander, have high positions in the new hierarchy. (Alexander did a short video interview with us that you can watch here.) LaMothe will continue as head of U.S. Wealth Management, leading financial advisors from Merrill Lynch and Banc of America Investment Services. Alexander's new title will be head of Global Wealth & Investment Management Technology & Operations.Other appointments noted in the memo include the following:

Dean Athanasia has been named the head of the GWIM Banking and Direct Investment Division. He is responsible for the overall strategy and direct management of deposit and credit products - from credit cards to sophisticated lending products - across GWIM. This includes the U.S. Trust Credit & Banking business, which will now report to Athanasia. He is also responsible for the phone and online channels that serve GWIM clients.

Keith Banks and John Thiel will co-lead Private Wealth Management. Thiel will continue to serve as head of Merrill Lynch's Private Banking and Investments Group. Banks will serve as president of U.S. Trust and lead key strategic initiatives across GWIM. Mike Jones will continue to serve as president of Columbia Management, Bank of America's asset management organization, reporting to Keith.

Eva Castillo will continue to serve as head of EMEA Wealth Management, with responsibility for financial advisors in Europe, the Middle East and Africa, and continue to serve as part of the Bank's EMEA leadership team.

Chris Dupuy will continue to lead Global Investment Solutions, responsible for managing GWM's financial products, including mutual funds, stocks, bonds, new issue, insurance, alternative investments and structured products. Dupuy will oversee all manager due diligence, portfolio construction and investment implementation activities for the business globally. Dupuy now will have responsibility for the Americas Distribution Group that previously reported to Lyle LaMothe, and the Alternative Investment Asset Management group, previously led by David Bailin.

John Hogarty is now GWIM Chief Operating Officer and will lead sales planning, support and resource allocation globally and across all client segments, working closely with other GWIM leaders. He will also manage all client-related processes - including standards for relationship reviews, metrics analysis and the launch of sales programs.

Antony Hung will remain head of Asia Pacific Wealth Management and continue to serve as part of the Bank's Asia Pacific leadership team.

Brian Sepe will remain head of Latin America & Canada Wealth Management and continue to serve as part of the Bank's Latin America leadership team.

Andy Sieg has joined Bank of America to lead Retirement & Philanthropic Services, which provides administration, recordkeeping, custodial, communications, consulting and execution services to businesses, organizations, their employees and members, in connection with approximately 40,000 workplace-based benefit plans. The RPS group will also include the personal retirement functions that previously reported to Dean Athanasia.

Sieg most recently served as head of Citigroup's Emerging Affluent Client Segment, with responsibility for Global Wealth Management's approach to attracting and serving affluent U.S. households. Prior to joining Citigroup in 2005, he held various leadership roles at Merrill Lynch.

Michael Sullivan will continue as head of the Global Client Coverage Group, responsible for the delivery of a comprehensive referral and client coverage capability to bring the full power of the combined company to clients. Harry Singh now reports to Michael as deputy head, and will continue in his strategic leadership role working across the organization.

The entire GWIM leadership team will continue to work closely with Mark Alexander, head of Global Wealth & Investment Management Technology & Operations. In this role, he will continue to serve as a member of the Global Wealth & Investment Management Executive Committee.

Steve Bodurtha will retire after 23 years with the firm. David Bailin is also leaving the company.

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