Bank of America’s Andy Sieg joins Citi as head of global wealth


Merrill Lynch veteran Andy Sieg is parting ways with Bank of America join Citigroup.

He will be the new head of Citi Global Wealth, reporting to Jane Fraser, CEO of the bank. Sieg will begin his new role in September as he is to take six months leave before starting the new position, according to an announcement from Fraser.

“Growing Wealth is a central pillar of our strategy and will improve our business mix by adding more fee-based revenue and improving returns,” Fraser said in the announcement. “In my conversations with Andy, it’s clear to him that our team is on a mission to transform Citi – and he’s highly motivated and driven to play a pivotal role in leading our business.”

Previously, Sieg was chairman of Merrill Lynch Wealth Management, a position he has held for six years. He was also a member of the management team of Bank of America. The bank acquired Merrill during the throes of the Great Financial Crisis.

Separately, Bank of America announced that Lindsay Hans and Eric Schimpf have been named presidents and joint directors of Merrill Wealth Management. They will report to Bank of America CEO Brian Moynihan.

CNBC’s Hugh Son contributed reporting.

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