Bank of America, which announced the departure of the group’s wealth management boss Sallie Krawcheck a fortnight ago, has announced more changes to the wealth management business in the US, according to an internal memo.

The changes are being instituted as part of changes under John Thiel, who was put in charge of the Merrill Lynch brokerage business in April this year.

BofA confirmed the changes to this publication but declined further comment.

The changes mean that wealth management in the US will be broken down into 11 regional markets. New executives will report to Thiel. This represents a change from how the group had been composed of four divisions.

"It's a structure that recognises the differences from market to market and empowers managers, based on those differences, to design a growth plan that works for their advisors, their clients and, ultimately our company," Thiel said in the memo. "It enables us to take a closer look at the real needs of clients across the wealth spectrum and give them whatever they need to reach their goals."

Thiel's memo says the wealth management restructuring is "client-driven". He is also reported to have said the changes will save money. Greg Franks, who had been the director of wealth management's western division, will retire as part of the restructuring, the memo said. Riley Etheridge will lead a team of four other managers that stretch across the country and focus on each client base.

Etheridge, who is a regional head in the private banking and investment group, will report to Thiel, reports added.

The 11 regional wealth management heads are:

Brett Bernard, Mid East;

Chris Dupuy, Pacific Northwest;

Linda Houston, New England;

Paul Lambert, Mid America;

Bill Lorenz, Mid Atlantic;

Jeff Markham,Greater Texas;

Sabina McCarthy, NYC Metro;

Don Plaus, South Atlantic;

Jeff Ransdell, Southeast;

Jodi Rolland, Heartland; and

Chandler Root, Southwest.