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Citigroup Signs Sieg, BofA Taps Wealth Management Co-Heads

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Andy Sieg is heading back to Citigroup, while Lindsay Hans and Eric Schimpf have been appointed presidents and co-heads of Merrill Wealth Management, reporting to Bank of America Chair and Chief Executive Officer Brian Moynihan.

Come September, Sieg will lead Citigroup’s Global Wealth division, according to a note from Citi Chief Executive Officer Jane Fraser, whom Sieg will report to in that new role. He is required to take a six-month leave before stepping into the new role. According to published reports, Jim O'Donnell will continue as head of Global Wealth at Citi and will then transition into his new role as executive vice chairman of Citi and head of senior client engagement.

As for Merrill, 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 Dec. 31, 2022, according to a press release.

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.

The firm noted that Hans will continue to serve as a member of the company’s Global Diversity and Inclusion Council and as a National Executive sponsor of the Merrill Women’s Exchange. Schimpf will continue to serve as Executive Sponsor for the company’s Black Professionals Group.

Sieg served as Merrill president since 2017 and led the business through what Bank of America characterized as “a period of sustained growth and modernization of technology for advisors and clients.” He first joined Merrill as an analyst in 1992 before leaving to join Citigroup's wealth division in 2005 — and then returning to Merrill in 2009.