Daily Management Review

Bank of America: Two Top Honchos Move Out Midst a Spree of Changes in Top Management


Bank of America: Two Top Honchos Move Out Midst a Spree of Changes in Top Management
The Bank of America announced a series of top management changes that included the exit of two top officials and new roles and responsibilities for a few others.

This move comes soon after the Federal Bank asked to resubmit its capital plan for this year after the Fed found deficiencies in its capital-planning process. The bank is at present working on a resubmit draft and it is expected that the reshuffle would also shift responsibility for the annual capital plan of the bank.

The Bank of America is the second largest US bank with respect to assets.

Among the changes the most important was that of exit of Chief Financial Officer Bruce Thompson after he had served for five and half years as the chief risk officer and the chief financial officer. He would however remain in the bank’s board till the end of the year.

Another old hand at the bank, Vice Chairman David Darnell has decided to retire by the end of the fourth quarter after having served at the bank for more than 35 years.  

Thompson’s place would be taken over by Paul Donofrio, who has been with Bank of America since 1999 and has 25 years of global corporate and investment banking experience.

A newly created position of chief administrative officer would be adorned by the present Global Human Resources Executive of the bank, Andrea Smith.

Announcing the changes Chief Executive Officer of the bank, Brian Moynihan said that the two top executives wanted to “have made about their own futures”.

“The quarterly results we announced last week showed once again how far we have come on our journey over the past few years,” Moynihan said. “Some other changes that will bolster, and in some cases, reposition members of the management team,” he said.

Sources in the bank said that Smith had been chosen for the post of chief administrative officer for her deep understanding of the company and her management expertise. The responsibility of Smith would increase at the new chair and she would be responsible for a host of important activities of the bank that includes Global Corporate Strategy; the company’s market president and enterprise business and community engagement organization; Legacy Assets and Servicing; Global Corporate Services; and Corporate Security, Executive Protection and Aviation.

One of the first challenges for Smith would be to prepare the company’s annual Comprehensive Capital and Review (CCAR) submission and the Global Resolution and Recovery Planning (GRRP).

Other important changes in the bank included the appointment of Sheri Bronstein as the head of the Global Human Resources, Terry Laughlins’ assumption of responsibilities as leader of GWIM after the retirement of Darnell by the end of the fourth quarter and Anne Finucane being appointed as a vice chairman while continuing to serve as the company’s global chief strategy and marketing officer.

The Bank of America has over 48 million consumers with 4,800 retail financial centres and approximately 16,000 ATMs. The bank also has 31 million active online users and approximately 18 million mobile users. The bank operates in the fields of wealth management and is a global leader in corporate and investment banking and functions across a wide range of asset classes, serving corporations, governments, institutions and individuals.

(Source: www.streetinsider.com & www.charlotteobserver.com) 

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