A Merrill Lynch executive has been promoted into the newly created role of vice chairwoman of Merrill Lynch Wealth Management, according to a memo seen by On Wall Street.
Sabina McCarthy, Merrill's division executive for New York, will report directly to John Thiel, head of the firm. In addition to working in management, McCarthy also has served as a financial advisor. In her new position, she will oversee enhanced collaboration between Bank of America and Merrill Lynch.
In recent years, the firm has looked to offer more of Bank of America's broader capabilities to wealth management clients, working both sides of the balance sheet in the pursuit of a more holistic wealth management approach.
Replacing McCarthy is Jeffrey Tucker, who had been serving as market executive for the firm's Fifth Avenue Financial center, also in New York, according to the memo. In that position, Tucker oversaw 200 financial advisors managing more than $35 billion in client balances.
He has been in the business since 1997, according to FINRA BrokerCheck records.
A replacement for Tucker has not yet been chosen, according to the memo.
These moves are some of the latest senior management changes at the wirehouses. Recently, Morgan Stanley reorganized its upper ranks following the departure of President Greg Fleming.
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