The search is on to fill Bank of America Corp.? market president position for Orange County.
Kim Burdick, who had overseen OC since 2003, was let go from the Charlotte, N.C.-based bank as part of a restructuring after last year? acquisition of New York-based Merrill Lynch & Co.
Merrill was bought for about $45 billion last fall as it struggled with bad mortgage investments.
Burdick also was regional president of Bank of America? premier banking division, which handles investments for affluent clients.
He ran premier banking for the Southwest region, one of four in the country.
The region spanned Southern California to Texas with some 1,500 employees. Burdick oversaw 150,000 customers with $100,000 to $5 million to invest.
BofA is shifting its wealth management operations to Merrill Lynch. The combined operation will go under the new name of Merrill Lynch Global Wealth Management Services.
Merrill? OC business is run by Brett Thelander, who took over the area a year ago.
Burdick? replacement on the banking side is expected to be picked this month from a pool of local leaders, according to California Market President Janet Lamkin.
?here? a deep bench of candidates to choose from in Orange County,?she said.
A market president could come from any part of BofA? business, according Lamkin, who has 13 market presidents reporting to her.
Whoever becomes market president is set to award some $1.5 million a year to local nonprofits.
It? unclear when a new leader for the wealth management side of Burdick? duties will be named, according to Greg Mech, a division director for Merrill.
?t? still being figured out who the replacements will report to,?he said.
Bank of America has about $13.7 billion in local deposits, making it the second largest in the county behind San Francisco-based Wells Fargo & Co., which has about $14 billion.
