Merrill Lynch chief operating officer Kirstin Hill is leaving the firm, Merrill disclosed Friday in a memo to staff.
Hill, who has been with the company for 25 years, “shared her plans at the beginning of this year, including to pursue her passion for and commitment to the non-profit sector,” a company spokesperson said in an email.
Hill will remain at Merrill until May as some of her responsibilities are handed off to Jeff Busconi, who has been named to the newly created position of head of wealth management strategy, products and services for Merrill and the private bank.
Those changes come shortly after Andy Sieg, the former head of Merrill Wealth Management, left the company last month to rejoin Citigroup and lead that firm’s global wealth unit. Sieg had served as Merrill's president since 2017.
Sieg’s role was absorbed by Lindsay Hans and Eric Schimpf, who were named co-presidents of Merrill Wealth Management, reporting to Bank of America CEO Brian Moynihan.
In the new position, Busconi reports to Hans, Schimpf and Katy Knox, president of Bank of America Private Bank. Previously, Busconi was head of private bank services at Bank of America.
“Jeff will lead for both businesses the continued development of strategy, business platforms and growth initiatives, thereby helping drive our company’s overall leadership in wealth management,” the company spokesperson said. “He will continue to lead products and services for the private bank, including investments, trust and philanthropic solutions. Jeff has held roles across asset management and in investment banking for more than 22 years, including serving as COO for the private bank as well as having led the delivery of banking and lending products to wealth management clients.”
Additionally, the firm noted that Nancy Fahmy will continue to lead the investment solutions group for Merrill and the private bank, reporting to Hans and Schimpf. Meanwhile, Merrill client services executive John Towey also now reports to Hans and Schimpf, “underscor[ing] the important role that John, and the organization he leads, play in client services across Merrill,” the spokesperson said.
Hill, who joined Merrill as an intern and has spent her career at the firm, worked in a range of positions, from retirement to trading, before being named COO.
“Kirstin’s outstanding leadership, expert counsel and strong advocacy on behalf of her colleagues, our clients and the Merrill organization are greatly appreciated,” the memo from Hans and Schimpf read.
AdvisorHub reported Hill's pending departure Friday, citing the internal notice to staff.
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