Merrill Lynch has restructured its US private banking and investment group division, naming two new regional heads to oversee the new Wester...

Merrill Lynch has restructured its US private banking and investment group division, naming two new regional heads to oversee the new Western and Eastern regions, according to Dow Jones Newswires.

John Thiel who headed the Mountain West region for private banking, has been named Western managing director. He will take over as the sole chief in the private banking unit from Andy Edelman, who is retiring as head of private banking and recruiting for the Americas.

Jennifer Povlitz, who ran the Metropolitan New York area, has been appointed as Eastern managing director. She will also head up the division's diversity programmes.