Bank of America (BofA) has made a number of changes in the company’s most senior management team, to drive performance and to ensure that the strategies and franchise are positioned for success in the coming years. Tom Montag, who currently runs Global Markets for the company, will also run Global Corporate and Investment Banking. Sallie Krawcheck, a veteran of a range of senior financial services positions, will join the bank and run Global Wealth and Investment Management. She will also be a member of the Executive Management Team. David Darnell, who runs Global Commercial Banking, will now report directly to Lewis and join the Executive Management Team.
In addition to the executives above, those continuing on the Executive Management team include Steele Alphin, chief administrative officer, Greg Curl, chief risk officer, Barbara Desoer, president of Home Loans and Insurance, Anne Finucane, chief marketing officer, and Joe Price, chief financial officer.
Further, Liam McGee, who has headed Consumer and Small Business Banking, has decided to leave the company after nearly 20-year career. Brian Moynihan, currently head of Global Corporate and Investment Banking and of Global Wealth Management, will become head of Consumer Banking, which will include the company’s deposit, small business and card businesses as well as the retail delivery network. Ric Struthers will continue to run the card business and to be a member of the Executive Management team.
Mr. Lewis said: The company and the environment have changed significantly. Changes in the structure and requirements of the financial services industry are causing us to reengineer businesses. Customer behavior is evolving, requiring new products, services and delivery methods. We are a much more global company with the addition of Merrill Lynch. We are working hard to get through our credit issues, and to maintain and even enhance our earning power even as we prepare for performing after the recession.
