In the latest shakeup at a major brokerage firm, John Thiel will step down as head of Merrill Lynch Wealth Management, a role he's held since 2011, according to a company statement.

Andy Sieg, head of Merrill’s Global Wealth and Retirement Solutions unit, will succeed Thiel on Jan. 1. Sieg, 49, joined Merrill as an analyst in 1992. He left in 2005 to join Citigroup Global Wealth Management, then rejoined Merrill in 2009.

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