Bank of America today announced its wealth and investment management businesses will be relocated to Boston from New York and Charlotte, N.C. The firm also announced the creation of a new national business unit, based in New York, serving "ultra high-net-worth individuals."
The move to Boston follows criticism from Massachusetts officials earlier this year that Bank of America wasn't following through on promises made in press conferences following its acquisition of FleetBoston Financial to maintain employment levels in the Boston area. Among officials moving to Boston will be Keith Banks, president of Columbia Management Group; Michael Santo, president of Banc of America Investment Services Inc.; and John Morton, president of the premier banking unit.
Alan Rappaport will lead the new ultra high-net-worth unit and will remain in New York.