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.

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