BofA names new management team

 @ibtimes on January 12 2010 6:08 PM

Bank of America Corp on Tuesday announced a reshuffled executive management team under new Chief Executive Brian Moynihan.

The move is the second major shift in the senior executive ranks at the largest U.S. bank in less than six months. In August, then CEO Kenneth Lewis overhauled the executive management team, but announced his intention to retire on December 31 less than a month later.

In the biggest move announced, Chief Financial Officer 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.

Price will fill both positions until February 1, when Neil Cotty will take over as interim CFO, until a permanent successor is named.

Chief risk officer Greg Curl 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.

Several executives will remain in their current roles. 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 Kennneth Lewis, will stay in the chief administrative officer role.

(Reporting by Joe Rauch; editing by Andre Grenon)

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