NEW YORK: Bank of America Corp. is reshuffling its senior management team, announcing plans to replace its chief financial officer and naming a new chief risk officer.
The changes announced on Tuesday come as new CEO Brian Moynihan seeks to overhaul the bank and lift it out of the slump caused by the recession and billions of dollars in soured loans.
The bank said CFO Joe Price will become head of consumer and small business banking, and that it would look outside the company for a replacement. Price will take over the job Moynihan had until he succeeded Ken Lewis as CEO on Jan. 1.
Starting Feb. 1, Neil Cotty, the chief accounting officer, will become interim CFO until a replacement is found, the bank said.
As expected Gregory Curl, at one point considered a possible successor to Lewis, was moved out of his role as chief risk officer. Curl wasn't given a specific title, and the bank said he'll focus on "strategic partnerships." It is expected that Curl will soon leave the Charlotte, N.C.-based bank.
Curl is being replaced as chief risk officer by Bruce Thompson, currently managing director of the bank's global capital markets unit.
The bank also said:
_Sallie Krawcheck retains her position as head of Global Wealth and Investment Management.
_Barbara Desoer will continue to lead the Home Loans and Insurance businesses.
_Tom Montag remains head of Global Banking and Markets.
_David Darnell continues as head of Global Commercial Banking.
_Anne Finucane remains global strategy and marketing officer.
The changes announced on Tuesday come as new CEO Brian Moynihan seeks to overhaul the bank and lift it out of the slump caused by the recession and billions of dollars in soured loans.
The bank said CFO Joe Price will become head of consumer and small business banking, and that it would look outside the company for a replacement. Price will take over the job Moynihan had until he succeeded Ken Lewis as CEO on Jan. 1.
Starting Feb. 1, Neil Cotty, the chief accounting officer, will become interim CFO until a replacement is found, the bank said.
As expected Gregory Curl, at one point considered a possible successor to Lewis, was moved out of his role as chief risk officer. Curl wasn't given a specific title, and the bank said he'll focus on "strategic partnerships." It is expected that Curl will soon leave the Charlotte, N.C.-based bank.
Curl is being replaced as chief risk officer by Bruce Thompson, currently managing director of the bank's global capital markets unit.
The bank also said:
_Sallie Krawcheck retains her position as head of Global Wealth and Investment Management.
_Barbara Desoer will continue to lead the Home Loans and Insurance businesses.
_Tom Montag remains head of Global Banking and Markets.
_David Darnell continues as head of Global Commercial Banking.
_Anne Finucane remains global strategy and marketing officer.
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