The new group employs 3,500 people, including wealth management banking experts, loan officers and wealth management client care specialists, among others, stated Bloomberg.
It will be led by April Schneider, who is a part of the bank’s management and operating committees.
Schneider will report to Andy Sieg, president of Merrill Wealth Management and Katy Knox, president Bank of America’s private bank.
Previously, Schneider served in various positions at the bank such as capital planning and payment services. She also handled $4.5bn of expenses across the bank’s real estate business.
Schneider was quoted by Reuters as saying: “We will be the ultimate concierge service for advisers.”
The newly formed group will look after the underwriting requirements of rich clients’ margin loans, securities lending, mortgages and vehicle loans.
Employees of the group will work together with financial advisers and private banking firms, who will supervise investments and services including estate planning and taxes.
Bank of America’s wealth and investment management deposits grew 5% to $348bn in Q2 2022 compared to the corresponding period a year ago.
In July, the company rearranged leadership roles across its wealth-management division. The bank also divided its western regional arm into two units to focus on the California region, a major area of growth.