NEW YORK—Bank of America Corp. created a new group in its global wealth and investment management division to focus on lending to rich clients, the company told Reuters on Monday.
Chief Executive Officer Brian Moynihan tapped April Schneider last month to lead the 3,500-person wealth management banking and lending group. She reports jointly to Andy Sieg, president of Merrill Wealth Management, and Katy Knox, president of the company’s private bank. “We will be the ultimate concierge service for advisers,” said 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.
