Bank of America has reorganised its brokerage business under the name of Banc of American Investment Services. The Quick & Reilly brokerage ...

Bank of America has reorganised its brokerage business under the name of Banc of American Investment Services. The Quick & Reilly brokerage unit has now been integrated into the BAI brand. The reorganisation has led to management changes and the elimination of divisional director layer of management. According to an internal memo from Michael Santo, chief executive of BAI, the change “more directly aligns the structure of the brokerage business with that of other wealth and investment management businesses, and BAI’s banking partners.” As part of the rationalisation, Bank of America has folded nine regions into six: West, Central, Florida, Mid-Atlantic, New York/New Jersey Metro and New England. Bank of America’s private banking operations together with BAI were recently all relocated to Boston following the FleetBoston/BofA merger.