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Merrill Lynch Wealth Management restructuring business divisions

Bank of America Corp.'s Merrill Lynch Wealth Management is reorganizing its regional structure, cutting the number of its business divisions from 10 to six, AdvisorHub reported March 29, citing an internal memo from Andy Sieg, who heads the unit.

As part of the shakeup, Mike Adornetto will serve as COO of Merrill Lynch Wealth Management, while market executives Lindsay DeNardo Hans and Vince Fertitta were appointed to run the Mid-Atlantic and Texas Mountain South regions, respectively.

The memo also disclosed that Jeff Tucker, who runs the New York Metro region, will "transition to a new assignment in coming weeks," while former Pacific Northwest regional head Tom Fickinger is looking at new opportunities within the company.

Additionally, Linda Houston, who was heading the firm's New England division, is retiring. And James Dickson, who was recently put on leave of absence, is leaving the firm to "pursue other opportunities," the memo read.