Bank of America today announced that Eric Schimpf will now lead the company’s Community Markets strategy in addition to his current role as Southeast Division executive for Merrill Lynch Wealth Management. Schimpf succeeds Benjamin Prince, who has decided to retire. Prince, who led the Community Markets strategy since March 2017, is retiring following a 24-year distinguished career with the company, during which he held several leadership positions. Prince looks forward to moving back to the East Coast where he grew up and has family.
Through this strategy, the company is investing in select markets to help drive responsible growth through an increased level of support and resources for Merrill Lynch Wealth Management offices and financial advisors. These locations and advisors tend to be more geographically dispersed from major metropolitan areas. Since January 2018, this strategy has been rolled out to more than 100 offices across the country, with initial concentrations in the Midwest and Southeast.
Merrill Lynch Wealth Management is a leading provider of comprehensive wealth management and investment services for individuals and businesses globally. With 14,796 financial advisors and $2.2 trillion in client balances as of December 31, 2018, it is among the largest businesses of its kind in the world.1 Bank of America Corporation, through its subsidiaries, specializes in goals-based wealth management, including planning for retirement, education, legacy, and other life goals through investment, cash and credit management. Within this business, Merrill Private Wealth Management focuses on the unique and personalized needs of wealthy individuals, families and their businesses. These clients are served by approximately 200 highly specialized private wealth advisor teams, along with experts in areas such as investment management, concentrated stock management and intergenerational wealth transfer strategies. Merrill Lynch Wealth Management is part of Bank of America Corporation.
Bank of America is one of the world’s leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 66 million consumer and small business clients with approximately 4,300 retail financial centers, including approximately 1,800 lending centers, 2,200 Merrill Edge investment centers and 1,500 business centers; approximately 16,300 ATMs; and award-winning digital banking with more than 36 million active users, including over 26 million mobile users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and more than 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.
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Matt Card, Bank of America
1 Source: Bank of America. Merrill Lynch represents multiple business areas within Bank of America’s wealth and investment management division including Merrill Lynch (North America and International) and Private Banking & Investments Group. As of December 31, 2018, ML entities had approximately $2.1 trillion in client balances. Client Balances consists of the following assets of clients held in their ML accounts: assets under management (AUM) of ML entities, client brokerage assets, assets in custody of ML entities, loan balances and deposits of ML clients held at Bank of America, N.A. and affiliated banks.