The wait for the next wirehouse chief at Merrill Lynch is over. Sallie Krawcheck, president of Bank of America's wealth management unit, has reportedly chosen private banking and investment group head John Thiel, a former Merrill advisor to succeed Lyle LaMothe as head of the 15,500-advisor Merrill Lynch U.S. Wealth Management business on May 1. LaMothe revealed in March that he's retiring.

Bloomberg, Dow Jones, Registered Rep and Reuters all reported on Krawcheck's memo announcing the move.

Thiel's reported competition for the top wirehouse job was Andy Sieg, head of retirement and philanthropic services for Bank of America Merrill Lynch. 

Edited by: Neil Anderson, Managing Editor


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