Merrill Lynch in recent weeks has shuffled a number of branch managers to new offices. The new assignments are partially due to promotions and partially a reaction to managers leaving the firm, according to sources.
The recent promotions of Jodi Rolland, former head of the Denver complex, and Jennifer Povlitz, head of a top complex in South Carolina, to positions in Princeton, N.J. and New York respectively, left two manager openings behind.
Rolland's spot in Denver was filled by Mike Cuomo, who moved from Albany, N.Y. He was replaced by Paul Lambert, who had been a manager based in Rochester, N.Y. Lambert's position has not been filled yet. Rolland had been named national sales manager in March, after her complex was named “complex of the year” at Merrill.
Meanwhile, Povlitz, who was promoted at the beginning of 2004 to direct Merrill's private wealth center in New York reporting to Jim Hays, had been in charge of Merrill's Columbia, S.C., complex. Jeff Adams, a 10-year Merrill vet based in Atlanta, replaced her, according to a firm spokeswoman.
In addition, Eric Schimpf, formerly based in Boston, was named branch manager in Chattanooga, Tenn., replacing John Cosgrove, who reportedly retired. And in Midland, Texas, Harold Barnes, who has been with Merrill for 13 years, is the new branch manager.
Merrill, the nation's largest broker/dealer, had 13,700 financial advisors as of the end of 2004, with approximately 670 branches, according to the SIA.