BOA's asset management division 'Merrill' appoints 27-year veteran Matt McCormack as the head for Washington DC.

Tapped for Greater Washington after leading West Coast LA operations… Succeeding predecessor who moved to Citigroup

Washington area assets under management surpass $101 billion… "Accelerating efforts to attract ultra-high-net-worth clients"

Merrill, the wealth management arm of Bank of America (BofA), has appointed Matt McCormack as the new head of the rapidly growing Greater Washington region.

According to the Washington Business Journal on the 17th, Merrill named McCormack as its new Market Executive, succeeding Francisco Castellanos, who recently moved to competitor Citigroup. Accordingly, McCormack will relocate from the West Coast to Washington, D.C., to direct wealth management operations in the metropolitan area.

McCormack is a 27-year veteran at Merrill in the wealth management sector. For the past six years, he served as the Greater Los Angeles Market Executive, and prior to that, held dual roles in Sacramento as Merrill Market Executive and Bank of America Market President. Having also previously served as Chief Operating Officer (COO) for Merrill's Mid-Atlantic region, he is regarded as being well-versed in the East Coast financial landscape.

Craig Young, Merrill Mid-Atlantic Division Executive, stated regarding the appointment, "McCormack's broad leadership experience, deep understanding of the business, and longstanding commitment to clients make him a perfect fit for this role."

The Greater Washington market he will lead spans a wide territory from Frederick County, Maryland, to Fredericksburg, Virginia, and is currently experiencing explosive growth. Total assets under management (AUM) in the region stand at approximately $101 billion, representing an 11% increase year-over-year and a 45% surge since 2023. Continued expansion has seen Merrill and the BofA Private Bank division recruit 15 new wealth management advisors over the past two years and attract approximately 1,300 new clients since early 2023.

Merrill plans to further intensify its push into the high-net-worth market under McCormack's leadership. The company has set a specific target to double the proportion of ultra-high-net-worth clients with more than $10 million in assets within the next two years by hiring additional advisors and strengthening integration with existing BofA commercial banking clients.

Meanwhile, Bank of America, which maintains its regional headquarters on K Street in Washington, D.C. (1800 K St. NW), currently operates 122 retail banking financial centers, nine Merrill offices, and three dedicated Private Bank offices across the region. Total deposits in the area have also increased by more than 5% over the past year, surpassing $51 billion.