Andy Sieg, president of Merrill Wealth Management and a member of Bank of America’s senior leadership team, is leaving the firm to head Citigroup Inc.’s wealth division, the firms announced Thursday.
The wealth management head, who was with Merrill for about six years, will be returning to Citi, where he was a managing director in its global wealth management division until 2009. He left to join what was then known as Merrill Lynch as head of global wealth and retirement solutions and took the role of wealth management head from John Thiel in 2017.
“This is a fantastic opportunity to build a leading wealth management business at the world’s most global bank at a time of massive wealth creation worldwide,” Sieg said in a statement. “There is a transformation underway at Citi, and I am excited about becoming part of a team that’s driven to deliver for clients, colleagues and shareholders.”
Sieg will take a six-month leave before starting the role, as per terms of his Bank of America contract, according to Citi. Jim O’Donnell will continue as Citi’s head of global wealth management until Sieg starts in September.
Once he takes up his new post in the fall, Sieg will report to Citi CEO Jane Fraser, according to a letter sent to Citi employees. Fraser became CEO in 2021, taking the role from Michael Corbat after serving as president and head of global consumer banking.
“Andy’s decision to join Citi sends a strong signal about the potential of our Wealth proposition and the attractiveness of our unique global offering,” Fraser wrote in the letter. “Growing Wealth is a core pillar of our strategy and will improve our business mix by adding more fee-based revenue and drive improved returns.”
Bank of America announced that Lindsay Hans and Eric Schimpf have been appointed presidents and co-heads of Merrill Wealth Management, reporting to Bank of America Chair and CEO Brian Moynihan. Hans and Schimpf will join Bank of America’s executive management team and oversee more than 25,000 Merrill employees and client balances of about $2.8 trillion.
Hans joined Bank of America in 2014 and was head of Merrill’s private wealth management, international and institutional business. Schimpf began his career as a Merrill financial adviser in 1994 and was most recently division executive for the Pacific Coast.
The move marks the second time Sieg will leave Merrill for Citi, which he did in 2005 after a 12-year stint at the investment firm as a managing director. That move came before the New York-based wealth management firm was acquired by Bank of America in 2008 during the financial crisis. Before his first stint at Merrill, Sieg had served as an economic and domestic policy aide in the administration of President George H. W. Bush.
Merrill Wealth management reported client balances of $2.8 billion in its fourth-quarter 2022 earnings, with $1.1 trillion in assets under management. The wealth management arm also reported adding 8,500 new households, up 27% in the quarter for its best Q4 results ever.
Citi’s global wealth management arm reported a drop in revenue of 6% to $1.7 billion in Q4 2022, citing investment product revenue headwinds, which the firm said were offset by net interest income growth from higher interest rates.