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Bank of America Merrill Lynch Wealth Management head John Thiel to step down Jan. 1

John Thiel
Shannon Stapleton | Reuters
John Thiel

Bank of America announced Thursday that current head of Merrill Lynch Wealth Management, John Thiel, has decided to step down, effective Jan. 1.

Thiel will take on a new role as vice chairman of Global Wealth and Investment Management. He will advise Terry Laughlin, Bank of America vice chairman and head of Global Wealth and Investment Management, as well as the Bank of America and GWIM leadership teams on business integration, goals-based wealth management and regulatory matters.

"Since 2011, under John Thiel's leadership, Merrill Lynch has made tremendous progress by developing and beginning to implement goals-based wealth management," Laughlin in a press release announcing the move.

He will be succeeded by Andy Sieg, the current head of the company's Global Wealth and Retirement Solutions division. Sieg has led GWRS for the past five years and has worked in the past with Thiel in the wealth management and retirement business.

"Andy Sieg has more than 20 years of experience at Merrill Lynch and has proven to be both a dynamic leader and accomplished at strategy execution," Laughlin said. "Under Andy's leadership, we'll continue to implement our goals-based advice model."

Correction: This story was revised to correct the spelling of Merrill in one reference.