(Reuters) - Bank of America Corp <BAC.N> said it will pay $11 million total to ousted executives Joe Price and Sallie Krawcheck, according to separation agreements filed by the bank Friday.

Krawcheck, a former Citigroup Inc executive who came to Bank of America in 2009, will receive a one-time payment of $5.15 million, while Price, a Bank of America veteran, gets $4.15 million. Both will also receive $850,000 in return for releasing claims against the bank and other considerations.

The Charlotte, North Carolina, bank last month eliminated the executives' positions as part of a efficiency initiative called Project New BAC.

(Reporting by Rick Rothacker in Charlotte; Editing by Gary Hill)