On Monday, Shares of Bank of America Corp (NYSE:BAC), added 1.05% and closed at $16.30 in the last trading session. The last trading range of the stock ranges between $16.18 and $16.40. The company’s Market capitalization is $165.42 Billion with the total Outstanding Shares of 10.20 Billion. During the 52-week trading session the minimum price at which share price traded, registered at $10.99 and reached to max level of $18.09. Bank of America recently declared that John Thiel, current head of Merrill Lynch Wealth Administration, has decided to step down from his position and will take on a new role as vice chairman of Global Wealth and Investment Administration (GWIM), effective January 1, 2017.
Andy Sieg, current head of the company’s Global Wealth and Retirement Solutions division, will succeed Thiel as head of Merrill Lynch Wealth Administration, effective January 1, 2017.
For the past five years, Sieg has led Global Wealth and Retirement Solutions (GWRS), comprised of the GWIM division’s product organization and retirement business. During that time, he worked with Thiel in the implementation of aims-based wealth administration and has overseen the strong growth of the retirement business. Sieg was also instrumental in the firm’s development of a unified investment platform that will be critical to providing best-in-class investment solutions to clients.
In addition to his leadership of GWRS, Sieg also presently manages the GWIM Chief Investment Office team together with Keith Banks, president of U.S. Trust, ensuring that Merrill Lynch clients and advisors have a complete range of investment solutions together with the intellectual capital of the entire Bank of America organization to serve clients.
As vice chairman of GWIM, Thiel will advise Terry Laughlin, Bank of America vice chairman and head of Global Wealth and Investment Administration, and the Bank of America and GWIM leadership teams on business integration, aims-based wealth administration and regulatory matters.
Cousins Properties Inc (NYSE:CUZ), dropped -24.19% and closed at $7.57 in the last trading session. The last trading range of the stock ranges between $7.19 and $7.66. The company’s Market capitalization is $1.59 Billion with the total Outstanding Shares of 220.50 million. During the 52-week trading session the minimum price at which share price traded, registered at $7.19 and reached to max level of $11.40. Cousins Properties Incorporated (CUZ) (“Cousins”) declared recently it has accomplished the spin-off of Parkway, Inc. (“New Parkway”), a new, independent REIT that will be publicly traded on the NYSE under the symbol “PKY.”
The spin-off occurred by means of a special dividend to Cousins stockholders of all of the outstanding shares of New Parkway stock. Under the terms of the spin-off, Cousins stockholders received one share of New Parkway common stock for every eight shares of Cousins common stock held as of the record date of October 6, 2016. Cousins common stockholders will receive cash in lieu of any fractional shares they would otherwise have been entitled to receive in the distribution.
Since October 3, 2016, New Parkway shares have traded on a “when issued” basis on the NYSE under the symbol “PKY.WI.” The “when issued” trading of New Parkway ended as of the market close on October 6, 2016. Starting recently, the “regular way” trading of New Parkway common stock will begin under the symbol “PKY.” Shares of Cousins will continue to trade under the symbol “CUZ.”