Kirstin Hill, who oversaw personal retirement, will focus on efforts to measure growth and attract clients, including compensation for financial advisers.
The Wall Street Journal reported the memo earlier Wednesday.
Sieg reports to Terry Laughlin, the global head of wealth and investment management. Laughlin’s business, which also includes the U.S. Trust unit, is the smallest of Bank of America’s four main divisions, generating $2.77 billion in profit last year. But the division posted the second-highest growth, increasing 7.9 percent.
This story was provided by Bloomberg News.