The market is a "significant" growth opportunity for the bank, it said.

Bank of America is opening a private banking office in Pittsburgh, adding to the range of services in the US city.

Market executive Huma Mohiuddin is leading the new office, which is based in downtown Pittsburgh.

“The Pittsburgh market represents a significant growth opportunity for Bank of America, fueled by the strength of the city’s technology, healthcare, manufacturing, and education sectors,” Chris Biotti, Northeast division executive for Bank of America Private Bank, said in a statement.  

Mohiuddin brings more than 20 years of experience in the financial services industry, most recently serving as director and Pittsburgh market president at BNY Wealth. Previously, she worked at JP Morgan as an investment advisor, Northern Trust as an equity research analyst, and Morgan Stanley as an advisor. 

In the Pittsburgh area, Bank of America has 18 financial centers, eight Merrill offices and employs more than 350 people locally.

Mohiuddin will be joined by a seasoned, local team also new to the private bank; the team is expected to expand.

The initial team joining includes:

-- Portfolio manager Ryan DeCaro: Ryan was formerly at BNY Mellon where he served as a principal in wealth management; 
-- Private client advisor Christie Dobis: Dobis most recently served as senior private banker at BNY Mellon;
-- Private client manager Sarah Miller: Miller most recently served as a client strategist for BNY Mellon; and 
-- Private client advisor Jonathan Smith: Smith most recently served as senior wealth advisor at Citizens Private Wealth. 

Bank of America Private Bank manages $640 billion in client balances, as of June 30, 2024. 

After suffering from the demise of the steel industry in the 1980s, Pittsburgh has reinvented itself, tapping into the strengths of its universities and medical centers, and has attracted sectors such as IT. A lingering concern has been the region's decline in population (source: Real Clear Pennsylvania, August 28, 2024).