Bank of America Merrill Lynch (BofA) has confirmed the internal
appointment of Dan Cummings as head of international wealth
management (IWM) and head of global equity sales with an immediate
effect.
In September, BofA saw the departure of its head of global
wealth and investment management (GWIM) division Sallie Krawcheck
as a result of a major management restructure.
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When Krawcheck left
Krawcheck’s responsibilities were split between co-chief
operating officers David Darnell and Tom Montag.
Montag oversaw BofA’s IWM business, consisting mainly of high
net worth and ultra-high net worth clients.
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By GlobalDataMeanwhile, Darnell was in charge of the US-based wealth
management operation, which predominantly consists of the mass
affluent segment; he continues to oversee this line of
business.
What is expected from a new man?
New York-based Cummings is expected to “drive stronger
connections” between BofA’s global distribution network and the IWM
business, according to the internal memo.
Cummings will also develop “a cohesive global strategy” that is
aimed to build “stronger relationships” with global banking and
markets as well as to further strengthen “interaction” with the
US-based wealth business, the memo said.
In his new role, Cummings will report to Fabrizio Gallo, head of
global equities and EMEA global markets.
S&P’s prophecy coming true?
In an interview with PBI in September, S&P’s analyst said
that the implementation of phase II of Project New BAC, could
result in BofA’s US-based wealth management entity becoming
increasingly integrated.
“BofA wants to integrate all the products together and
cross-sell to households. So, instead of households just having a
checking account, they [BofA] want to try to cross-sell them into
having a brokerage business and wealth management, estate planning
– everything,” US banks analyst at S&P’s Equity Research Eric
Oja told PBI.
