Krawcheck bounced at BofA

In a surprise move, Bank of America announced that wealth management head Sallie Krawcheck has been ousted and replaced by David Darnell.
APR 18, 2012
By  John Goff
Bank of America Corp. (BAC) promoted Tom Montag and David Darnell to co-chief operating officers and announced the departures of wealth management division head Sallie Krawcheck and consumer banking leader Joseph Price. The shakeup by Chief Executive Officer Brian T. Moynihan, 51, leaves Montag running investment banking and operations that serve companies and institutional investors, the Charlotte, North Carolina-based company said in a statement today. Darnell will run units serving individual customers, including deposits, mortgages, wealth management, credit cards and small businesses. Moynihan is cutting layers of management at the largest U.S. bank by assets as he grapples with increasing costs from the 2008 acquisition of subprime lender Countrywide Financial Corp. and a stock plunge of almost 50 percent this year. The firm is in the midst of an expense-reduction initiative called Project New BAC that may slash tens of thousands of jobs. “Simplifying at the scale in which we operate requires difficult decisions,” Moynihan said of Krawcheck's and Price's departures. “We wish them well and look forward to their continued leadership and business successes in the future.” --Bloomberg News--

Latest News

LPL building out alts, banking services to chase wirehouse advisors, new CEO says
LPL building out alts, banking services to chase wirehouse advisors, new CEO says

New chief executive Rich Steinmeier replaced Dan Arnold on October 1.

Franklin Templeton CEO vows to "do what's right" amid record outflows
Franklin Templeton CEO vows to "do what's right" amid record outflows

The global firm is navigating a crisis of confidence as an SEC and DOJ probe into its Western Asset Management business sparked a historic $37B exodus.

For asset managers, easy experience is key to winning advisors' businesses
For asset managers, easy experience is key to winning advisors' businesses

Beyond returns, asset managers have to elevate their relationship with digital applications and a multichannel strategy, says JD Power.

Why retaining HNW clients ultimately comes down to one basic thing
Why retaining HNW clients ultimately comes down to one basic thing

New survey finds varied levels of loyalty to advisors by generation.

Stocks drop as investors digest Microsoft, Meta earnings
Stocks drop as investors digest Microsoft, Meta earnings

Busy day for results, key data give markets concerns.

SPONSORED Out with the old and in with the new: a 50% private markets portfolio

A great man died recently, but this did not make headlines. In fact, it barely even made the news. Maybe it’s because many have already mourned the departure of his greatest legacy: the 60/40 portfolio.

SPONSORED Destiny Wealth Partners: RIA Team of the Year shares keys to success

Discover the award-winning strategies behind Destiny Wealth Partners' client-centric approach.