Sunday 22 April 2018

Management shake-up at struggling Bank of America reporters

Bank of America has shaken up management with two key executives leaving and the promoting of two others to share the Chief Operating Officer role.

It is the latest effort to turn around a company that is still struggling under the weight of toxic mortgage loans.

The moves were made by boss Brian Moynihan, who took over the bank after predecessor Ken Lewis stepped down amid controversy over his purchase of Merrill Lynch.

Among the changes announced are:

Out: Sallie Krawcheck, head of global wealth and investment management, is leaving. A Citigroup veteran, she was hired in late 2009 toward the end of Mr Lewis' tenure.

Out: Joe Price, president of the consumer bank, will also leave. He was the chief financial officer under Mr Lewis. Mr Moynihan moved him to run the retail bank, Mr Moynihan's old job, in 2010, and Mr Moynihan at the time said the change represented his confidence in Mr Price.

In: David Darnell, a long-time Bank of America veteran who was elevated to the top ranks by Mr Lewis, will become co-chief operating officer. He will share the newly created position with Tom Montag, who joined Bank of America when it bought his employer, Merrill Lynch, at the start of 2009.

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