Financial institution of America’s Andy Sieg is becoming a member of Citi as head of worldwide wealth

Andy Sieg, a veteran of Merrill Lynch, is parting methods with Financial institution of America to hitch 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 position in September, as he’s required to take a six-month go away earlier than beginning the brand new place, in line with an announcement from Fraser.

“Rising Wealth is a core pillar of our technique and can enhance our enterprise combine by including extra fee-based income and drive improved returns,” Fraser stated within the announcement. “In my conversations with Andy, it’s clear to him that our workforce is on a mission to remodel Citi — and he’s extremely pushed and motivated to play a central position in our agency’s management.”

Beforehand, Sieg was president of Merrill Lynch Wealth Administration, a submit he is held for six years. He was additionally a member of Financial institution of America’s govt administration workforce. The financial institution acquired Merrill through the throes of the good monetary disaster.

Individually, Financial institution of America introduced that Lindsay Hans and Eric Schimpf have been appointed presidents and co-heads of Merrill Wealth Administration. They may report back to Financial institution of America CEO Brian Moynihan.

–CNBC’s Hugh Son contributed reporting.