Bruce Thompson, Bank of America's chief financial officer, is out in management shake-up

MarketsAssociated Press

Bank of America's second-in-command is out of a job following a management shake-up.

Bruce Thompson, Bank of America's chief financial officer for the last five-and-a-half years, will be stepping down. He will be replaced with long-time BofA executive Paul Donofrio on Aug. 1.

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CEO Brian Moynihan announced the moves late Wednesday.

Thompson's exit comes as a surprise, as he was reportedly considered a possible successor for Moynihan.

BofA, which is based in Charlotte, North Carolina, announced other management changes as well. Andrea Smith, the company's head of human resources, will move into the newly created position of chief administrative officer. Smith will also be responsible for Bank of America Corp. passing the Federal Reserve's so-called "stress tests."