Bank of America is beefing up its retirement unit by hiring an ex-Fidelity exec to lead its Personal Retirement business unit. Jeff Cimini joined Bank of America Corporation on January 14, 2013. He previously was president of Fidelity Investments Life Insurance Co., where he was responsible for all aspects of Fidelity's insurance business.

As BofA's head of personal retirement and a managing director, Cimini will be based in Boston and report to David Tyrie, head of Personal Wealth & Retirement. He will be responsible for personal retirement product strategy, innovation and delivery. Cimini has 25 years of experience in the industry.