Bank of America Merrill Lynch wealth management executive John Thiel's new plan to restructure the firm’s U.S. wealth management business should help the firm better serve and acquire high net worth and instituional clients, according to at least one analyst.

In the memo obtained by On Wall Street Wednesday, Thiel, who was promoted to head of U.S. wealth management and private banking and investments group in April, outlined a new structure including 11 new regional markets.

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