Bank of America has appointed Lindsay Hans and Eric Schimpf as presidents and co-heads of its Merrill Wealth Management business.

Both Hans and Schimpf will report to Bank of America chair and CEO, Brian Moynihan.

The duo succeeds Andy Sieg, who is exiting the firm after being its president since 2017.

They will become part of Bank of America’s executive management team and will supervise over 25,000 staffs of Merrill.

Until 31 December 2022, Merrill had a total of $2.8 trillion in client balances.

Moynihan said: “Merrill is one of the largest wealth management businesses in the world and an integral part of Bank of America as we serve the unique needs of individuals, families and businesses.

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Lindsay and Eric have excelled as leaders, delivering outstanding results for our advisors and clients.

“I’m looking forward to them building on the success and long tradition of Merrill in the years ahead.”

Hans, who joined the firm in 2014, most recently worked as the head of Merrill’s private wealth management, international and institutional unit.

Earlier, she spent six years in the role of a division executive for Merrill, with first being responsible for Mid-Atlantic and then for the Northeast.

Schimpf joined Merrill as a financial advisor in 1994 and had served the firm in multiple leadership roles.

He was a division executive for six years, looking after the Southeast and the Pacific Coast.

The latest development comes a month after Bloomberg reported that Bank of America was planning to lay off employees at its investment bank unit worldwide as pressure to cut costs mounts on.