Bank of America has promoted a Merrill Lynch wealth management executive to be the bank's Chicago market president.

Paul Lambert will take over for Tim Maloney, who plans to retire early next year, according to a Thursday news release.

Lambert has worked for Merrill Lynch since 1992, most recently as division executive for Mid America for Merrill Lynch Wealth Management. In that role, he oversees about 1,500 financial advisers in eight midwestern states.

Maloney has been B of A's Chicago market president since 2009. B of A ranked as the third-largest bank in the metro Chicago market, behind JPMorgan Chase and BMO Harris, as of June 30, according to the Federal Deposit Insurance Corp. B of A has 165 branches in the Chicago market, holding about $42 billion in deposits.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.