U.S. Trust, a wealth management division of Bank of America (NYSE:BAC), lost another key executive, this time to Citigroup (NYSE:C), which had been looking for a permanent head of their New York region.
Charles Merrill will head up the New York regional office for Citigroup once he’s put in place by the company.
Merrill headed up the New York City office of U.S. Trust, so won’t have to go through much change to move right into his new position, which he’ll take up in July. He has spent eight years with Bank of America before leaving.
After acquiring Merrill Lynch, a large number of executives have fled the investment bank in response.
Just a couple of days ago U.S. Trust lost Daniel Williams to Citi Private Bank, and Kimberlea Archer to BNY Mellon Wealth Management.
U.S. Trust said they’ll be announcing new hires sometime this week.