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Financial institution of The usa’s Andy Sieg is becoming a member of Citi as head of world wealth

Andy Sieg, a veteran of Merrill Lynch, is parting techniques with Financial institution of The usa to enroll in Citigroup.

He would be the new head of Citi International Wealth, reporting to Jane Fraser, the financial institution’s CEO. Sieg will start his new function in September, as he’s required to take a six-month go away earlier than beginning the brand new place, in keeping with a statement from Fraser.

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“Rising Wealth is a core pillar of our technique and can support our industry combine via including extra fee-based income and pressure progressed returns,” Fraser stated within the announcement. “In my conversations with Andy, it’s transparent to him that our group is on a undertaking to turn into Citi — and he’s extremely pushed and motivated to play a central function in our company’s management.”

In the past, Sieg used to be president of Merrill Lynch Wealth Control, a put up he is held for 6 years. He used to be additionally a member of Financial institution of The usa’s government control group. The financial institution received Merrill all over the throes of the nice monetary disaster.

One after the other, Financial institution of The usa introduced that Lindsay Hans and Eric Schimpf had been appointed presidents and co-heads of Merrill Wealth Control. They’ll report back to Financial institution of The usa CEO Brian Moynihan.

-CNBC’s Hugh Son contributed reporting.

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