BofA's New CEO Moynihan Shakes-Up Management Team
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In a reshuffling effort, Bank of America Corp. (NYSE: BAC) mixed up its management team, announcing plans to replace the firm's chief financial officer and name a new chief risk officer.
The announcement was made Tuesday by new CEO Brian Moynihan who is working to restore Bank of America after being decimated during the economic recession with billions of dollars in bad loans.
Current company CFO Joe Price will be reassigned as the head of consumer and small business banking. Moynihan is reportedly looking outside of the company for a replacement for Price.
Gregory Curl, once considered as a possible CEO replacement before Moynihan was brought in, will be demoted from chief risk officer and will focus on what the company is calling "strategic partnerships." Curl is not expected to stay long term with Bank of America following the move.
Bruce Thompson will take over as the bank's chief risk officer.
The moves will take effect on February 1. Neil Cotty will take over CFO responsibilities in an interim capacity until a replacement is named.
Shares of Bank of America are up 2.17 percent after the bell on Tuesday to $16.72.
The announcement was made Tuesday by new CEO Brian Moynihan who is working to restore Bank of America after being decimated during the economic recession with billions of dollars in bad loans.
Current company CFO Joe Price will be reassigned as the head of consumer and small business banking. Moynihan is reportedly looking outside of the company for a replacement for Price.
Gregory Curl, once considered as a possible CEO replacement before Moynihan was brought in, will be demoted from chief risk officer and will focus on what the company is calling "strategic partnerships." Curl is not expected to stay long term with Bank of America following the move.
Bruce Thompson will take over as the bank's chief risk officer.
The moves will take effect on February 1. Neil Cotty will take over CFO responsibilities in an interim capacity until a replacement is named.
Shares of Bank of America are up 2.17 percent after the bell on Tuesday to $16.72.
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