Bank of America Management Shake Up: Sallie Krawcheck and Joseph Price are out

Posted by jwasserman in Blog on September 7, 2011

 On Tuesday, Bank of America Chief Executive Officer, Brian Moynihan, announced a reorganization of the company’s management team.  These management changes are to align the company’s operating units with its three core customer groups: individuals, companies, and institutional investors.  Brian Moynihan has appointed David Darnell and Tom Montag as co-chief operating officers, accountable for all of the company’s operating units.

 Brian Moynihan announced Tuesday, the departures of Sallie Krawcheck, head of wealth management, and Joseph Price of consumer banking.

 Tom Montag will oversee the investment banking and operations that serve companies and institutional investors. 

David Darnell is responsible for those businesses serving individual customers and clients including deposit, card, home mortgage, wealth management, small business, and related products and services. 

“De-layering and simplifying at the scale in which we operate requires difficult decisions,” said Brian Moynihan. 

Removing layers of management and simplifying the organization reflect some of the primary objectives of the Project New BAC.  Project New BAC recently started in April 2011 and significant expense reductions will continue in the coming weeks.  Phase II of the New BAC will begin in October and conclude in March 2012.

Read full press release here

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