Bank of America (BAC) Shakes-Up Management Team, Appoints Co-COO’s
Bank of America (BAC) announced Tuesday a reorganization of its management as its presidents of global wealth management and consumer banking both stepped down, while two others were promoted to newly created positions.
The news comes as just the latest shakeup at Bank of America, where continued legal liabilities and poor stock performance have help swirl worries around the bank’s ability to stay solvent in any kind of downturn.
Joe Price, who was formerly the chief financial officer, is stepping down as the head of consumer banking, while Sallie Krawcheck is leaving the wealth management unit.
The bank is handing the responsibilities of the two vacate positions to existing executives. David Darnell, the current head of global commercial banking will now oversee the consumer side as well. Tom Montage has been tapped to handle items more on the trading and global markets side.
Both men have been named Co-Chief Operating Officers, newly created titles, and will report directly to Chief Executive Officer Brian Moynihan.
In the bank’s statement Moynihan said the reorganization of management aligns the company’s operating units with its three core customer groups: individuals, companies, and institutional investors.
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