Bank of America Corp
Analysts said this was an effort to stabilize an executive team at the largest U.S. bank, which was reshuffled just six months ago.
In the biggest move, Joe Price will head consumer, small business and credit card businesses, and Bank of America will begin a search for a new CFO, according to the company announcement.
The move caught some analysts off-guard.
CFO to retail is not an intuitive move, said Nancy Bush, an analyst with NAB Research LLC.
Price will fill both positions until February 1, when Neil Cotty will take over as interim CFO, until a permanent successor is named. Price will occupy the post vacated by Moynihan's promotion to CEO.
Chief risk officer Greg Curl, once a candidate to succeed retiring Chief Executive Kenneth Lewis, will focus instead on strategic partnerships in an unnamed post.
Curl will be replaced by Bruce Thompson, currently head of Global Capital Markets, as chief risk officer, according to the company's statement.
'CONTINUITY AND STABILITY'
A spokesman for the Charlotte, North Carolina-based bank was not immediately available for comment.
Bank of America's new management team was announced on the eve of Moynihan's testimony before the Financial Crisis Inquiry Commission and the same day the SEC filed new charges against the bank in its long running Merrill Lynch buyout dispute. Click here for more about the new charges: [nN12201470]
Analysts said Moynihan sought to quickly secure his management team as he begins to tackle the controversies that still surround the bank, which only repaid federal bailout funds late last year.
I'm also sure he wanted to get things in place and I think his emphasis is going to be on continuity and stability, said Bush.
Bank of America last changed its senior executive roster in August, when then CEO Kenneth Lewis overhauled the executive management team, but announced his intention to retire on December 31, less than a month later.
Analysts were also surprised by the executives who were not changing jobs.
This does not appear to be a shake-up to me. Most of the people are in the same chairs, Bush said.
David Darnell will continue as head of global commercial banking and Anne Finucane will continue as global strategy and marketing officer. Barbara Desoer remains president of home loans and insurance.
Tom Montag, head of global banking and markets -- including the combined Bank of America Merrill Lynch investment bank -- will remain in that post.
Sallie Krawcheck will remain as head of global wealth and investment management and Ed O'Keefe will serve as general counsel.
Steele Alpin, a key lieutenant for Moynihan's predecessor, Kenneth Lewis, will stay on as chief administrative officer.
(Reporting by Joe Rauch; additional reporting by Elinor Comlay; editing by Andre Grenon)