Bank of America Corp
The shift will better position BofA as a wealth manager for clients with assets of $100,000 to $3 million, the sector targeted by Premier Banking, the paper said, citing executives.
The changes primarily affect Premier Banking client managers who were in charge of face-to-face dealings with customers, the paper said, citing a memo to employees.
They will relinquish that role and become banking specialists, with the firm's 18,000 financial advisers -- 16,000 of whom came from Merrill Lynch in the merger -- taking the lead with clients instead, the paper said.
Bank of America acquired Merrill on January 1.
(Reporting by S. John Tilak in Bangalore; editing by John Stonestreet)