Ms Faulkner, whose title will be deposits and card product executive, will have dual offices in Charlotte and in Wilmington, where the card business will continue to be based.
Ms Faulkner has been with Bank of America for 25 years. Since 2007, she has served as Bank of America customer segments, deposits and payments executive, reporting to the president of the consumer bank. Prior to this, she was Global consumer and small business sales, service and marketing executive.
Mr Price said: “The structure continues the evolution of our consumer businesses toward a more nimble, responsive customer-focused organization. The enhancement strengthens our operating model and organizes it around our customer segments, how we deliver our capabilities to customers, the service we provide them, and the products we develop for them.
“We believe that Ms Faulkner is the right executive to operate the combined product unit in a rapidly evolving and challenging environment. We continue to change the way we offer and price products, emphasizing clarity, choice and control in response to changing customer needs. Integrating the development of our card and deposit products will help create greater value for customers, especially as the way they choose to make payments continues to evolve.”
Ric Struthers, who has led global card services, has decided to leave the company, but will stay on to help with transition.
Mr Price added: “In his more than 30 years in banking throughout the US, Canada and Europe, and as one of the principal founders of MBNA, Mr Struthers has shown leadership and vision managing the largest credit card portfolio in the world. He and his team navigated our unsecured lending business through the most significant consumer credit crisis in 50 years.
“In just one year, he rapidly repositioned the card business, significantly reducing our exposure to credit losses and simplifying our credit card suite by introducing, easy-to-understand, basic products. He also led the development of a first-of-its-kind Credit Card Clarity Commitment for 40 million customers. This initiative was complemented by his commitment to helping more customers in need, resulting in modifications to more than 1.4 million consumer and small business credit card customers in need.”
Brian Moynihan, president and CEO of Bank of America, said: “Because of leaders like Ric Struthers, Delaware has been an incredibly good place to do business that has served Bank of America and our legacy company very well. We are pleased to remain one of the state’s top private employers where we continue to base our credit card operation and operate a number of other businesses. We look forward to maintaining our presence in the market.”
