April Schneider was hired by Chief Executive Officer Brian Moynihan to lead the 3,500-person wealth management banking and lending group. She reports jointly with Andy Sieg, president of Merrill Wealth Management, and Katy Knox, president of the company's private bank. Schneider, who previously held a wide-ranging strategic role that included capital planning, payment services and overseeing $4.5 billion of expenses across the company's real estate portfolio, said they will be the ultimate concierge service for advisers.
The new organization will underwrite wealthy clients' margin loans, securities lending, mortgages, and vehicle loans. Its staff will work alongside financial advisers and private bankers, who will continue to handle investments and services such as estate planning and taxes. The bank's wealth and consumer units are among the employees that are part of the new group.
Deposits for the Bank of America's wealth and investment management division increased by 5% to $348 billion in the second quarter from a year ago, while loans rose 12% to $222 billion, according to an earnings filing.