Mere weeks after Sallie Krawcheck's departure from Merrill Lynch and the ensuing mass layoff announcements at parent Bank of America, John Thiel has announced a significant change-up in the firm's org chart.
Where Merrill was once concentrated under four regional czars, Thiel has split the country into no less than 11 regional "market executive" roles.
Each of the 11 will report directly to him.
Interestingly, Merrill's private banking executives -- responsible for serving the firm's very-high-net-worth accounts -- will report to the regional chiefs, who largely came up out of Merrill's more traditional practice.
Nonetheless, Thiel vows to encourage tighter cooperation between the UHNW bankers and the more street-level brokers in order to ultimately "create synergies and integration" between the units.
No promises of synergy elsewhere in the Bank of America organization was forthcoming.
As Thiel points out, the goal here is to flatten out the hierarchy and so reduce layers of middle management separating producers from executives.