Of Special Interest


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9th September 2011

Bank of America executive changes

Brian Moynihan, Bank of America CEO announced a major top tier executive restructure.

David Darnell and Tom Montag to the newly-created positions of co-chief operating officers, accountable for all of the company's operating units. This reorganization is effective immediately.

Darnell is responsible for those businesses serving individual customers and clients including deposit, card, home mortgage, wealth management, small business, and related products and services.

Reporting to Montag are businesses that serve companies and institutional investors, including middle market commercial and large corporate banking, institutional investor services, such as Bank of America Merrill Lynch Global Research, and the global markets sales and trading businesses.

Joe Price, president of Global Consumer and Small Business Banking, and Sallie Krawcheck, president of Global Wealth and Investment Management, will leave the company. Joe was CFO for five years before moving to his present position in 2010. Sallie had a variety of position at Citigroup including also a period as CFO and in wealth before moving to Bank of America in 2008. US media suggest that Moynihan did not give Price or Krawcheck the option of taking other roles.

"Today is a significant step in the continued transformation of our company," said Moynihan. "David and Tom are leaders skilled at driving profitability and growth by focusing their businesses on all we can do for customers. They are accountable now for delivering our entire franchise to all our customers and clients."

Reporting direct to Moynihan in addition to David Darnell and Tom Montag are:

Cathy Bessant, Global Technology and Operations Executive.
Anne Finucane, Global Strategy and Marketing Officer.
Christine Katziff, Corporate General Auditor.
Terry Laughlin, Chief Risk Officer.
Gary Lynch, Global Chief of Legal, Compliance, and Regulatory Relations.
Charles Noski, Vice Chairman.
Andrea Smith, Global Head of Human Resources.
Ron Sturzenegger, Legacy Assets Servicing Executive.
Bruce Thompson, Chief Financial Officer.