Bank of America has named Katy Knox president of its U.S. Trust private banking business, replacing Keith Banks.
Mr. Banks, who held the post since 2009, will become vice chairman of the global wealth and investment management unit, which encompasses Merrill Lynch Wealth Management and U.S. Trust. He also will continue as head of BofA's chief investment office and investment solutions group.
Mr. Banks, who was appointed to that position in November 2016, joined BofA in 2004 following its acquisition of FleetBoston Financial.
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Ms. Knox has led business banking at Bank of America since 2014.