How could Edward A. McGorry's move affect Bank of America's wealth management division?
Bank of America may face talent and client retention challenges after senior advisor departs The appointment of Edward A. McGorry as Senior Managing Director at Peapack Private Bank & Trust represents a loss of senior talent for Bank of America. McGorry previously served at Bank of America Private Wealth Management, where he was involved in delivering comprehensive financial and wealth planning solutions to high-net-worth individuals and families. His move to Peapack Private Bank & Trust, which manages $13.9 billion in assets under management and/or administration as of June 30, 2026, signals a shift of experienced expertise and potential client relationships to a competitor.
- Effect
- Mild negative
- How direct
- Stated in the reporting
- When
- Within weeks
- The story
- Gone quiet
How it reaches Bank of America
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Peapack-Gladstone Financial Corporation and Peapack Private Bank & Trust announced the appointment of Edward A. McGorry as Senior Managing Director, Client Advisor. He will be responsible for providing customized banking, lending, investment, and wealth management solutions to high-net-worth individuals and families.
The full event1independent outlet -
Edward A. McGorry was appointed Senior Managing Director, Client Advisor, at Peapack Private Bank & Trust. Prior to this role, McGorry served at Bank of America Private Wealth Management. He brings over 35 years of experience in private banking, commercial banking, and wealth management to his new role.
1 report connects these two. Brind only summarizes; follow a link to read the reporting itself.
- manilatimes.net Oct 1
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American multinational banking and financial services corporation
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The facts so far
As reported. Each one links to where it comes from.
- Edward A. McGorry was appointed Senior Managing Director at Peapack Private Bank & Trust on October 1, 2026.manilatimes.net
- McGorry previously served at Bank of America Private Wealth Management.manilatimes.net
- McGorry has more than 35 years of financial services experience.manilatimes.net
- Peapack Private Bank & Trust has assets under management and/or administration of $13.9 billion as of June 30, 2026.manilatimes.net
Why it matters
The wealth management sector is highly competitive, and the retention of senior talent is critical for major financial institutions like Bank of America. The loss of an advisor with McGorry's extensive background in private banking and wealth management represents a direct loss of institutional knowledge and a potential risk to client relationships, which are the core of the bank's high-net-worth business.
This move highlights the ongoing competition among major US financial institutions for experienced professionals. McGorry's career path includes roles at Citigroup and Wells Fargo Private Bank, showing that top-tier talent is actively moving between large, established financial players to pursue new opportunities in private banking.
What we don't know yet
- Will Bank of America be able to replace McGorry's specialized expertise quickly?
- Are there other senior advisors at Bank of America who are considering similar moves?
What would change this answer
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Reporting
- manilatimes.netOct 1
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