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  1. Bank of America replaces CFO in management shake-up

Bank of America replaces CFO in management shake-up

Bank of America Corp said on Wednesday it would replace its chief financial officer and its wealth management chief, a week after the bank reported its biggest quarterly profit in nearly four years.

By: | Published: July 23, 2015 9:05 AM

Bank of America Corp said on Wednesday it would replace its chief financial officer and its wealth management chief, a week after the bank reported its biggest quarterly profit in nearly four years.

CFO Bruce Thompson, 51, will be replaced by Paul Donofrio from Aug 1. Donofrio is currently the CFO of the consumer bank and wealth management.

Brian Moynihan tapped Thompson to be chief financial officer shortly after he started as CEO.

“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.

The shakeup comes a week after the No. 2 U.S. bank by assets reported its lowest expenses since 2008, suggesting it has finally put to rest problems stemming from the financial crisis.

“The quarterly results we announced last week showed once again how far we have come on our journey over the past few years,” Moynihan said in a statement.

BofA has paid at least $70 billion in legal expenses since 2008.

The bank also said David Darnell, the head of wealth management, would retire and be succeeded by Terry Laughlin.

Laughlin will transfer responsibility for stress tests required by the U.S. Federal Reserve to newly appointed Chief Administrative Officer Andrea Smith, the bank said.

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