A Bank of America logo is pictured in the Manhattan borough of New York City, New York, U.S., January 30, 2019. REUTERS/Carlo Allegri

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NEW YORK, Sept 12 (Reuters) – Bank of America Corp (BAC.N) has created a new group within its global wealth and investment management division to focus on lending to high net worth clients, it said on Monday. the company to Reuters.

Chief executive Brian Moynihan tapped April Schneider last month to lead the 3,500-person wealth management and lending group. She reports jointly to Andy Sieg, president of Merrill Wealth Management, and Katy Knox, president of the company’s private banking. “We will be the ultimate concierge service for advisors,” said Schneider, who previously held a wide-ranging strategic role that included capital planning, payment services and oversight of $4.5 billion in spend on the company’s entire real estate portfolio.

The new organization will support high net worth margin lending, securities lending, mortgage lending and auto lending. Its teams will work alongside financial advisers and private bankers, who will continue to manage investments and services such as estate planning and taxes. The new group includes employees from the bank’s wealth management and consumer units.

Bank of America’s wealth management and investment division deposits rose 5% to $348 billion in the second quarter from a year earlier, while loans rose 12% to $222 billion of dollars, according to a report on the results.

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Reporting by Lananh Nguyen; Editing by Josie Kao

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