Photo: Florida State University
After a long wait, Merrill Lynch veteran John Thiel has been tapped to succeed Lyle LaMothe as head of the Merrill brokerage, Bloomberg reports.Thiel currently manages the firm’s ultra-high-net-worth business as head of private banking and investment.
His new role will see him “gain responsibility for the 15,500-person brokerage as head of Merrill Lynch U.S. Wealth Management starting May 1,” according to Bloomberg.
There’s been a lot of speculation over who would fill the retiring LaMothe’s shoes.
It was thought that Thiel was the favourite of BofA CEO Brian Moynihan. On the other side, Sallie Krawcheck, the President of BofA’s wealth-management unit, wanted Andrew Seig, who runs retirement services operations for the division.
In BofA’s internal memo announcing Thiel’s appointment, Krawcheck said, “John possesses deep wealth-management and Merrill Lynch experience and has a strong commitment to our advisers, our clients and our culture.”
According to Bloomberg, her “selection of a Merrill Lynch veteran may solidify her relationship with top members of the brokerage, known as the “Thundering Herd” because of the firm’s bull logo.” Krawcheck joined BofA from Citi.
Thiel joined Merrill in 1989 as a financial adviser in Tampa. He jumped into the private banking and investment group in 2000, and was appointed to various positions before being name as head of the unit.
He earned a B.A in accounting from Florida State University in 1983 and says his motto is “Do unto others as you would have others do unto you.”