Krawcheck Replaces Moynihan to Head Wealth Management at BofA

Bank of America Corporation (BofA) unveiled four senior management changes, including the appointment of Sallie Krawcheck to lead Global Wealth and Investment Management.

Krawcheck, former head of Citigroup’s wealth management business, will also be a member of the Executive Management Team, according to a release from BofA.

Ken Lewis, CEO and president of BofA, announced that Brian Moynihan, currently head of Global Corporate and Investment Banking and of Global Wealth Management, will become head of Consumer Banking, which will include the company’s deposit, small business, and card businesses, as well as the retail delivery network. In January, Moynihan replaced John Thain, who was ousted from the helm of wealth management (see “Moynihan Set to Take over Thain’s Post at BoA”).

Tom Montag, who currently runs Global Markets for the company, will take on the additional role of running Global Corporate and Investment Banking. David Darnell, who runs Global Commercial Banking, will now report directly to Lewis and join the Executive Management Team.

Those continuing on the Executive Management Team include: Steele Alphin, chief administrative officer; Greg Curl, chief risk officer; Barbara Desoer, president of Home Loans and Insurance; Anne Finucane, chief marketing officer; and Joe Price, chief financial officer.

“Considering these challenges and working closely with our Board, I reviewed the management team and have decided to make some changes, bringing new talent into the team and adding new perspectives,” Lewis said. “These changes also position a number of senior executives to compete to succeed me at the appropriate time.”
Krawcheck was previously CEO of Global Wealth Management at Citigroup, which included Smith Barney, the Citi Private Bank, and also the Citi equity research division (see “Report: Krawcheck to Exit Citi“). She has also served as chief financial officer of Citigroup. Previously she was chairman and chief executive officer of Sanford C. Bernstein & Co., Inc., and an executive vice president of Bernstein’s parent company, Alliance Capital Management, LP, responsible for managing research, brokerage, and trading operations, as well as its business development and planning.

“She is acknowledged to be one of the premier executives in the wealth management industry,” Lewis said. “Her experience and perspective will lead that business to the next level.”