December 6, 2023

Merrill Lynch follows suit, ramps up executive shakeup Former CEO Andy Seeger leaves Citigroup.

Wall Street institutions have promoted Greg McGauley to succeed Don Plaus headdress Its private wealth management, international and institutional businesses, and has other executives in key roles.

All changes are effective immediately, a Merrill Lynch spokesman said in an email Friday. Wirehouse announced the news internally to employees on Friday.

The changes involved promotions to replace the departed Sieg’s own successors, new Merrill president and co-heads Eric Schimpf and Lindsay Hans, in their previous roles.they also signal Where the company is headed after Sieg: Further integration with parent company Bank of America, expanding Consultant Development Program Training entry-level consultants — this can help it compensate Experienced advisors lose big – and supports aggressive organic growth. All relevant executives will report directly to Hans and Schimpf.

“With these leadership appointments, Merrill remains well-positioned to drive responsible growth and serve our clients, advisors and partners,” Hans and Schimpf said in a joint statement Friday. , serving clients and leading our growth and advisor training programs. ”

read more: Ziggy’s move could herald big changes for both Merrill Lynch and Citigroup

McAulley, the former head of the Northeast region at Merrill Lynch Private Wealth Management, is effectively replacing Prause and Hans. Hans was placed in the place of ProussBut when she was promoted to co-head of wirehouse, she was vacated.

Plaus had planned to retire at the end of March, but and postponed his departure Help stabilize the ship after Sieg’s sudden departure. There is no clear timeline for when Plaus will retire. “Don Plaus and Greg will transition over the next few weeks,” the company said in an email.

outgoing chief operating officer Kirstin Hill also plans to retire Sometime this month.

Brian Ludwick, Executive Officer, Merrill Pacific Coast Division.

Bank of America

Brian Ludwick succeeds Schimpf and is now Pacific Coast Division Executive, and Erik Vatter has been named Head of Consulting Development. Previously, Ludwick had served as head of the Houston market since 2021.

Erik Vatter, Head of Consultant Development, Merrill.

Bank of America

Vatter has held “various leadership roles including resident director, head of markets and national roles focused on advisor development, recruitment and resident director strategy,” the firm said in an email. Vatter will also lead the Market Executive Leadership Academy and Practice Management groups.

Lydia DiClemente, Principal, Merrill Banking Enablement and Merrill Financial Solution Advisors.

Bank of America

Lydia DiClemente is now head of Merrill Banking Enablement and Merrill Financial Solution Advisors, continuing her previous role of leading MFSA but with expanded banking responsibilities, the company said.

“Lydia will also work with April Schneider, Head of Wealth Management Banking and Lending, to lead efforts to strengthen our banking capabilities to Merrill Lynch clients,” the firm said. DiClemente also previously led consumer investing and corporate licensing and professional designated college.

Ken Correa, Head of Business and Client Development, Merrill.

Bank of America

Finally, Kenneth “Ken” Correa is “taking on an extended role as head of business and client development,” the company said.

Correa continues to lead responsibilities such as national recruitment, top advisor recognition program and national resident director strategy.

He will also “lead our business development and client growth strategy and will work with our product and service leadership teams to drive seamless integration and field adoption across Merrill,” the company said.

All roles are promotions to the senior leadership team, except for Correa, who is already there. It has “not yet been announced” who will replace each newly promoted executive in their previous role, the spokeswoman said.