Boston, MA 04/23/2014 (wallstreetpr) – Bank of America Corp (NYSE:BAC)’s head of the global capital markets, Lisa Carnoy is moving on to an executive role in the U.S. Trust wealth management unit.
Significant Role
Carnoy, who turned 46, is one of the highest ranking women in the Wall Street. She started her career as an associate at Merrill Lynch and grew up to manage businesses that underwrite bonds and stock sales, a position she occupied since 2012. According to an official memo released from Christian Meissner to employees yesterday, it disclosed that Carnoy will now look after the Northeast operations of U.S. Trust and would be on the board of the parent company’s operating committee.
The move will position Carnoy as one among the four geographical leaders at U.S. Trust, where a major chunk of revenue if inclined towards Merrill Lynch wealth management segment. As per an analyst at NAB Research LLC, Nancy Bush, the move appears to be more of a career-broadening rather than her last one. Bush added that as per the current trend, Wealth management arms are counted among one of the most profitable segments of the banks and it’s extremely important to the bank’s business.
Managing Trusts
Bank of America Corp (NYSE:BAC) ranks at second position in terms of lending by assets in the U.S. Its U.S. Trust unit, acquired in 2006, aims at helping its clients with wealth-management, investment, credit and banking services. One of the primary focus of the unit is on managing trusts that are ideally created by wealthy families and institutions to take care of their assets earmarked for charities or children. As a banking veteran, Carnoy will take the responsibility to sell wealth-management services to her previous global banking colleagues. Jim Probert will replace Carnoy as head of global capital markets. Currently, Probert is head of debt capital markets in the Americas.
