U.S. Markets closed

Merrill Lynch trims divisions, shuffles executives

Christine Wang

Merrill Lynch Wealth Management is revamping its leadership structuring, paring its 10 divisions down to six in the process, according to an internal memo obtained by CNBC.

Andy Sieg, head of Merrill Lynch Wealth Management, said the changes "will help us operate more effectively as a business."

"Our shared objective is to make the organization feel like a smaller, more tightly integrated firm," he said in the memo.

As part of the shuffle, some executives have been promoted, while others are choosing to retire, transition into new roles or pursue other opportunities outside Merrill Lynch.

The shakeup comes just months after Sieg assumed his current role as head of the Bank of America (NYSE: BAC) subsidiary. He was previously head of global wealth and retirement solutions at the bank.

—CNBC's Jim Forkin contributed to this report.

Watch: Financials badly overpriced




More From CNBC