Bank of America Corp. formed a new wealth management banking and lending group as the firm expands its offerings to affluent clients increasingly sought by rivals.
The new organization comprises about 3,500 employees and will be led by April Schneider, a spokesperson confirmed to Bloomberg News. The expanded group includes the bank’s wealth management banking specialists, loan officers, banking and lending product strategy as well as wealth-management client-care specialists, according to the company.
Banks have been competing for wealthy individuals, bolstering their advisory and lending practices to capture more assets on their balance sheet. Citigroup Inc. combined its consumer wealth-management and private-banking units under a single executive early last year amid the push.
Bank of America’s wealth and investment management group reported a 7% jump in revenue to $5.4 billion in the second quarter, buoyed by higher balances and higher interest rates. In July, the bank shuffled leaders across its wealth-management business and split its western regional unit into two, placing more emphasis on the California area, a key growth location.
Reuters reported the news earlier.
Schneider, who serves on the company’s management and operating committees, will report to Merrill president Andy Sieg and Katy Knox, president of Bank of America’s private bank.
“The new organization brings together banking and lending products, servicing and distribution. April is ideal to lead this area of strategic importance and her team will deliver the best experience for our Private Bank and Merrill clients,” Knox said in an emailed statement.
From outstanding individuals to innovative organizations, find out who made the final shortlist for top honors at the IN awards, now in its second year.
Cresset's Susie Cranston is expecting an economic recession, but says her $65 billion RIA sees "great opportunity" to keep investing in a down market.
“There’s a big pull to alternative investments right now because of volatility of the stock market,” Kevin Gannon, CEO of Robert A. Stanger & Co., said.
Sellers shift focus: It's not about succession anymore.
Platform being adopted by independent-minded advisors who see insurance as a core pillar of their business.
RIAs face rising regulatory pressure in 2025. Forward-looking firms are responding with embedded technology, not more paperwork.
As inheritances are set to reshape client portfolios and next-gen heirs demand digital-first experiences, firms are retooling their wealth tech stacks and succession models in real time.
