Bank of America Corp.'s head of U.S. wealth management, Lyle LaMothe, is retiring after 24 years at Merrill Lynch, according to an internal memo.
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LaMothe said in the memo sent Friday to Merrill Lynch employees that he and his wife want to focus their energy on "personal interests." He became head of the U.S. wealth management in 2008, and will remain at the brokerage until May 1.
Sallie Krawcheck, the head of global wealth and investment management, thanked LaMothe in the memo and said he "diligently built the processes and laid the groundwork for our long-term success within Bank of America."
The company did not name a successor in the memo. LaMothe will turn 50 in May.
