Sevilla-Sacasa is new president of Bank of America’s Private Wealth Management Unit
Bank of America yesterday announced that Frances Aldrich Sevilla-Sacasa will become president of the company’s new Private Wealth Management unit upon completion of the Bank’s acquisition of U.S. Trust Corporation in the third quarter of 2007. In her new role, Sevilla- Sacasa will report to Brian Moynihan, president, Bank of America Global Wealth & Investment Management.
Sevilla-Sacasa currently serves as chief executive officer of U.S. Trust, where she recently replaced Peter K. Scaturro. She previously served as president of U.S. Trust.
Following the legal closing, Private Wealth Management at Bank of America will deliver comprehensive, relationship-based financial services to wealthy individuals and their families nationwide and in select international markets. Private Wealth Management will be formed through the combination of U.S. Trust operations with The Private Bank of Bank of America and its Family Wealth Advisors area, and operate as the nation’s largest private bank by assets under management, deposits and number of client relationships.
“Frances is a proven leader in the private wealth management industry who shares our vision for a new organization defined by the needs of our clients and reflective of the complementary strengths of the two predecessor organizations,” said Brian Moynihan. “We will continue to partner closely with Frances and her team as we work to bring our two great organizations together, and look forward to her leadership of the combined business.”
“I greatly look forward to introducing and leading the new Private Wealth Management at Bank of America,” said Sevilla-Sacasa. “The legacy, reputation and future of the new Private Wealth Management at Bank of America will be defined by our commitment to unparalleled client service, innovation, market presence and capabilities excellence.”
The U.S. Trust transition planning and related work remains on track and on schedule, following approval received from the Federal Reserve on March 27, 2007. Closing is expected to occur in the third quarter of 2007.
Sevilla-Sacasa joined U.S. Trust in November 2005 from The Citigroup Private Bank where she held positions as president of Latin America Private Banking, president of Europe Private Banking and head of the global wealth structuring business.
Prior to joining The Citigroup Private Bank, she was managing director of Deutsche Bank’s Latin America private banking unit and president of Bankers Trust International Private Banking Corporation. She also worked in the securities industry at Lehman Brothers. Sevilla-Sacasa has 29 years of experience in financial services, 24 of which are in global wealth management.
Sevilla-Sacasa holds a Bachelor’s of Arts degree from the University of Miami and an M.B.A. in International Management from the Thunderbird School of Global Management.
Bank of America is one of the world’s largest financial institutions, serving individual consumers, small and middle market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk-management products and services. The company provides unmatched convenience in the United States, serving more than 55 million consumer and small business relationships with more than 5,700 retail banking offices, through more than 17,000 ATMs and award-winning online banking with more than 21 million active users. Bank of America is the No. 1 overall Small Business Administration (SBA) lender in the United States and the No. 1 SBA lender to minority-owned small businesses. The company serves clients in 175 countries and has relationships with 98 percent of the U.S. Fortune 500 companies and 80 percent of the Global Fortune 500. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.