According to the announcement, Carney will oversee the development and delivery of integrated retirement solutions for Bank of America’s nearly 17 million customers approaching or living in retirement, as well as its corporate and institutional clients. In his new role, he will expand and execute Bank of America’s enterprise-wide retirement strategy, encompassing all related product, sales and service, marketing and distribution activities.
Carney will also oversee the development of integrated product solutions for affluent and wealthy clients, and serve as president of Banc of America Investment Services, Inc. (BAI), the company’s retail brokerage, the announcement said. He will oversee all brokerage, banking, credit, custom credit, non-proprietary and fee-based investment products, fiduciary roles and philanthropy for GWIM clients, and will be responsible for the company’s mid-market institutional asset management business and all GWIM call center operations.
Carney came to BoA from Fidelity Retirement Services where he most recently served as president, responsible for the firm’s defined contribution, defined benefit, non-qualified plans and health savings businesses.