Keith Banks Out as President of U.S. Trust
Keith Banks, president of Bank of America’s U.S. Trust private bank since 2009, has been replaced by Katy Knox, the head of business banking at the second biggest U.S. bank by assets, according to an internal memo.
Banks, who joined Bank of America in 2004 following its merger with FleetBoston Financial, will remain at the firm as a vice chairman in the Global Wealth and Investment Management division that houses Merrill Lynch Wealth Management and the smaller U.S. Trust. He retains his role as head of GWIM’s chief investment office and investment solutions group, which he to encourage advisors to sell packaged investment products.
“This move will support Keith’s continued leadership of a fundamental change in how we serve Merrill Lynch Wealth Management and U.S. Trust clients, deploying investment solutions, including model portfolios,” Terry Laughlin, head of the GWIM division wrote in the memo.
A bank spokeswoman confirmed the contents of the memo.
The move is the second major change within GWIM this year. Merrill Lynch head John Thiel took on an ambassadorial role as vice chairman in January and was replaced by Andy Sieg.
Knox, who has progressed up the Bank of America management ladder since joining the company in 1986, had been head of its business banking sector since 2014, Laughlin wrote. She has been replaced in her former position by Ather Williams III, who will report to Tom Montag, Bank of America’s chief operating officer.
The shift at the top of U.S. Trust, which has 1,665 “sales professionals” overseeing client balances of $421 billion, follows the departure earlier this month of Lisa Carnoy, the private banking unit’s northeast division executive.
U.S. Trust generated $1.6 billion of revenue in the first half of 2017, or 18% of the $9.3 billion produced by the entire GWIM division.
“Katy and Keith will work closely together to help transition leadership of U.S. Trust through the end of the year,” Laughlin’s memo said.