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The team, led by financial advisor Ting O'Connor, left because they were unhappy with Merrill's culture and wanted better working conditions for their support staff, a recruiter said.

Operator Good day, everyone, and welcome to the Bank of America Earnings Announcement. At this time, Id like to turn the program over to Lee McEntire.

Merrill Lynch chief operating officer Kirstin Hill is leaving the firm, the company disclosed Friday in a memo to staff.

After 13 years at the helm, Wise's exit has sparked a search for the fintech provider's next full-time CEO.

Although the bank's wealth businesses logged strong organic growth for the quarter, revenue fell and hiring languished after two strong quarters of headcount gains under then-president Andy Sieg's leadership.

Morgan Stanley Wealth boasted $110 billion in net new assets in Q1, while Bank of America Merrill Lynch said it hit a record high of net new relationships.

Latest job news across the industry

Bank of America's wealth management unit, including Merrill, weathered a difficult first quarter with a 3% year-over-year decline in revenue.

Although the new leaders at Merrill could offer advisors new hopes, the firm could well suffer further attrition after Andy Sieg's defection last week to Citigroup.

The weekly recap of new hires, promotions and job changes in capital markets trading and technology.