Bank of America announced that Paul Lambert has been named market president, serving as the company’s enterprise leader in Chicago. Lambert will succeed Tim Maloney who led the market since 2009 and intends to retire in early 2016.

In this role, Lambert will work across the region to connect Bank of America’s business lines to deliver integrated financial services to individuals, families and businesses. He will also lead Bank of America’s corporate social responsibility work in the market, which leverages the unmatched capabilities of the company to help partners, people, communities and a broad client and customer base more effectively address a wide range of issues.

“Paul’s leadership in Chicago will ensure we are helping all of our customers and clients live their financial lives, through the power of every connection we can make with them,” said Bank of America Chief Executive Officer Brian Moynihan.

Lambert brings outstanding leadership credentials to the market president role including his current position as division executive for Mid America for Merrill Lynch Wealth Management. He oversees more than 1,500 financial advisors across eight Midwestern states. He joined Merrill Lynch in 1992 and has served with distinction in positions of increasing leadership responsibility. Additionally, he served as Chicago Market Integration executive, working closely with Maloney and the local leadership team on the bank’s business integration efforts.

An active community leader, Lambert currently serves on the board of Chicago Run and leads its fundraising efforts with the Bank of America Chicago Marathon. He and his wife are also active in the Hinsdale Community House where his wife serves as a trustee.

Bank of America is one of the world's leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services.