Bank of America Corp announced Wednesday it would have a new chief financial officer and wealth management chief. This declaration comes a week after the bank recorded its huge quarterly turnout in nearly four years.
Paul Donofrio will take over the role of former chief financial officer Bruce Thompson by Aug. 1. Donofrio is presently the CFO of the consumer bank and wealth management. The bank also made public that David Darnell would be succeeded by Terry Laughlin as the head of wealth management when he retires by the fourth quarter.
Thompson was appointed by Brian Moynihan, Chief Executive Officer of Bank of America, shortly after he took on his position in the company.
"When I became CEO, I asked Bruce to step away from 15 years leading client businesses and help rebuild our company," wrote Moynihan in an internal memo.
The bank has reported that its expenses have lowered down since 2008, implying that it has definitely put to rest obstacles that arose from the financial crisis.
Bank of America has shelled out around $70 billion in legal reparations since 2008.
Moynihan stated, "The quarterly results we announced last week showed once again how far we have come on our journey over the past few years," as per Reuters.
Meanwhile, according to Bloomberg, Thompson, 51, has served Bank of America for a long time and has repaired the company's balance sheet amid billions of dollars in lawsuit costs.
In this sudden shake-up in the firm, an analyst at Portales Partners Charles Peabody said, "There must have been some kind of strain between Brian and Bruce for him to step down at age 50. You've had five years of declining revenues, and Brian is undoubtedly feeling the heat to grow this thing."
Both Moynihan and Thompson have not responded or made comments regarding the news of the bank's cleanup.
RTT News reported that aside from Thompson and Darnell, Andrea Smith, Human Resources Executive, will tackle a new position as chief administrative officer. As CAO, she will be accountable for Global Corporate Strategy, Legacy Assets and Servicing, Global Corporate Services, Executive Protection and Aviation,the company's market president and enterprise business and community engagement organization and Corporate Security.
Smith will be replaced by Sheri Bronstein, who will be involved in the management team and directly report to Moynihan.
Bank of America is hopeful that with these shuffling of executives, the bank would move forward and gain a steady ground in the finance community.
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