John Thiel will replace Lyle LaMothe as head of Bank of America’s Merrill Lynch brokerage, according to people familiar with the matter.
The selection of Thiel was announced in an internal memorandum Wednesday afternoon.
The bank was very careful to explain that Sallie Krawcheck, president of Bank of America wealth-management division, picked Thiel. Krawcheck has had to battle rumors that other top executives at the bank are unhappy with her performance or are trying to strip her power.
Thiel beat out Andrew Sieg, who worked with Krawcheck at Citigroup before joining Bank of America in 2009, for the job.
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