The Bank of America’s private banking division has appointed John L. Brennan as president of the central US region. Mr Brennan will oversee ...

The Bank of America’s private banking division has appointed John L. Brennan as president of the central US region. Mr Brennan will oversee 32 private bank offices and fifteen states: Arkansas, Illinois, Indiana, Iowa, Kansas, Louisiana, Michigan, Minnesota, Missouri, New Mexico, Ohio, Oklahoma, Tennessee, Texas and Wisconsin. He will report to Jane Magpiong, president of the private bank. Mr Brennan replaces Tim Maloney, who was tapped last March to run Banc of America Investments. Also, Christopher Williams has been named private bank market executive for Chicago and the upper midwest, including the private bank offices in Hinsdale and Winnetka, Illinois. A fourth office will open in Lake Forest this autumn. Both positions are internal promotions within Bank of America. Since the acquisition of FleetBoston, Bank of America has created a multi-layered wealth management business: the premier banking & investments division which was formed to service investors with $100,000 to $3 million in investable assets; the private bank, which caters to clients with $3 million to $50 million in assets; the family wealth advisors unit, which targets ultra-high net worth clients with more than $50 million; and finally the asset management unit, Columbia Management Group.