- Previously, Andy Sieg was president of Merrill Lynch Wealth Management, a post he’s held for six years.
- In his new position, he will be the head of Citi Global Wealth, reporting to Jane Fraser, CEO of Citi.
- Sieg will begin his new role in September.
Andy Sieg, a veteran of Merrill Lynch, is parting ways with Bank of America to join Citigroup.
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He will be the new head of Citi Global Wealth, reporting to Jane Fraser, the bank's CEO. Sieg will begin his new role in September, as he is required to take a six-month leave before starting the new position, according to an announcement from Fraser.
"Growing Wealth is a core pillar of our strategy and will improve our business mix by adding more fee-based revenue and drive improved returns," Fraser said in the announcement. "In my conversations with Andy, it is clear to him that our team is on a mission to transform Citi — and he is highly driven and motivated to play a central role in our firm's leadership."
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Previously, Sieg was president of Merrill Lynch Wealth Management, a post he's held for six years.
Separately, Bank of America announced that Lindsay Hans and Eric Schimpf have been appointed presidents and co-heads of Merrill Wealth Management. They will report to Bank of America CEO Brian Moynihan.
-CNBC's Hugh Son contributed reporting.