Bank of America has announced that Lindsay Hans and Eric Schimpf have been appointed president and co-head of Merrill Wealth Management, reporting to Bank of America Chair and Chief Executive Officer Brian Moynihan.
As presidents, Hans and Schimpf will join Bank of America’s executive management team and oversee more than 25,000 Merrill employees. Merrill’s client balances totaled $2.8 trillion as of December 31, 2022.
“Merrill is one of the largest wealth management businesses in the world and an integral part of Bank of America as we serve the unique needs of individuals, families and businesses,” Moynihan said. “Lindsay and Eric have excelled as leaders, delivering outstanding results for our advisors and clients. I’m looking forward to them building on the success and long tradition of Merrill in the years ahead.”
Hans, who most recently served as head of Merrill’s Private Wealth Management, International and Institutional business, joined the company in 2014. Previously, she was a division executive for Merrill for six years, first for the Mid-Atlantic and later for the Northeast.
Schimpf began his career as a Merrill financial advisor in 1994 and has held several leadership positions within the business. He has served for six years as division executive, first for the Southeast and most recently for the Pacific Coast. He also has been serving as co-head of the Enterprise Advisor Development program.