Bank of America Corp said on Wednesday it would replace its chief financial officer and some other top executives in a management shakeup, four months after the bank barely scraped by in a U.S. Federal Reserve stress test.
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Bruce Thompson, 51, who has been the CFO and chief risk officer of the bank for more than five years, will be replaced by Paul Donofrio from Aug. 1, the bank said in a statement.
Donofrio is currently CFO of the consumer banking and wealth management businesses, and has been with the company since 1999.
The bank also said David Darnell, the head of wealth management, would retire. He will be replaced Terry Laughlin, currently president of strategic initiatives.
BofA Chief Executive Brian Moynihan tapped Thompson for the CFO position shortly after he took over the top job in 2010.
"When I became CEO, I asked Bruce to step away from 15 years leading client businesses and help rebuild our company," Moynihan said in an internal memo on Wednesday.
Thompson was one of the senior executives who played an important role in the firm's stress-test submissions to the U.S. Federal Reserve.
However, BofA failed to win unconditional approval from the U.S. Federal Reserve in March and was asked to get a better grip on its internal controls and data models.
The management shakeup comes a week after the No. 2 U.S. bank by assets reported its biggest quarterly profit in nearly four years as expenses fell to their lowest since the financial crisis.
The bank also said Sheri Bronstein, the human resources executive for the company's global banking and global markets businesses, will be the new global HR executive.
Bronstein replaces Andrea Smith, who was named to the newly created position of chief administrative officer.
The bank named Anne Finucane vice chairman. Finucane will continue as the bank's global chief strategy and marketing officer.
(Reporting by Anil D'Silva, Lehar Maan and Rama Venkat Raman in Bengaluru; Editing by Rodney Joyce, Ken Wills and Saumyadeb Chakrabarty)