Bank of America has restructured its management team under which Bruce Thompson will step down from his role as chief risk officer and chief financial officer after a spell of more than five years at the firm.
Thompson will be replaced by Bank of America executive Paul Donofrio on 1 August 2015. Thompson will support Donofrio and remain on the management team until the end of 2015.
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Donofrio, who has been with BofA since 1999, worked as CFO of consumer banking and global wealth and investment management (GWIM), strategic finance executive for BofA and as co-head of global corporate and investment banking, co-head of global investment banking, and head of global corporate banking.
As part of the restructuring, global human resources executive Andrea Smith will take over a newly created role as chief administrative officer.
In her new role, Smith will be responsible for global corporate strategy, the company’s market president and enterprise business and community engagement organization, legacy assets and servicing, global corporate services and corporate security, executive protection and aviation.
The bank also said David Darnell, vice chairman, would retire by the fourth quarter and will be replaced by Terry Laughlin.
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By GlobalDataSmith will work with Laughlin and start a transition of responsibility for the company’s annual Comprehensive Capital and Review (CCAR) submission and Global Resolution and Recovery Planning (GRRP) as well as to drive the spring 2016 CCAR submission. Laughlin will also be responsible for the resubmission of the 2015 CCAR.
Smith will be succeeded by Sheri Bronstein, who will join the management team and report to Bank of America CEO Brian Moynihan.
Following Darnell’s retirement, Laughlin will also take over responsibilities as leader of GWIM. Laughlin, who is now president of Strategic Initiatives, has held several senior leadership roles including chief risk officer for Bank of America, and chairman and CEO of Merrill Lynch Bank & Trust.
Moynihan said: "The changes we are announcing reflect decisions two senior leaders have made about their own futures, and some other changes that will bolster, and in some cases, reposition members of the management team."
