BofA Names Heads of Brokerage, Private Bank

Bank of America Corp. on Monday named Timothy Maloney president and chief executive of its brokerage business and Jane Farley Magpiong president of its private bank.

Maloney, 50, takes over March 21 and replaces Michael Santo, 49. Magpiong assumes her duties immediately.

Bank of America expanded its Boston-based brokerage and private bank divisions when it bought FleetBoston Financial Corp. last year. The company’s private bank is the sixth-largest in the U.S., and the brokerage is the third-biggest by assets among those run by banks.

Maloney will run a division with $130 billion in assets under management, 2,100 financial advisors in 34 states and about 1.3 million accounts. Maloney previously served as central region president of the private bank.

Magpiong, 44, is taking over private bank duties from Brian Moynihan, who is in charge of the company’s global wealth and investment management businesses.

She will oversee 150 offices in 39 states focusing on individuals and families that each have at least $3 million in assets to invest. Bank of America’s private bank has more than $170 billion of assets under management.

Shares of Charlotte, N.C.-based Bank of America fell 31 cents to $46.47 on the New York Stock Exchange.