NEW YORK (
Bank of America
has shaken up its management team as CEO Brian Moynihan, a former FleetBoston Financial Corp. executive, promotes another one of his former colleagues.
Citing anonymous sources,
The Wall Street Journal
reports that former Fleet executive Katy Knox will be in charge of all Bank of America's 5,900 branches and 18,000 ATMs. Her promotion led to the departure of East Coast retail boss Mark Hogan, a 24-year Bank of America veteran, according to the report.
Bank of America, which acquired FleetBoston in 2004, declined comment on the report.
Knox's promotion follows others for former FleetBoston executives, including Mike Lyons, the head of strategy, Terry Laughlin, a mortgage executive, and Lauren Mogensen, who is Bank of America's deputy general counsel and corporate secretary, according to the
Bank of America also moved Dean Athanasia from wealth management to the bank's consumer unit as it tries to sell more Merrill Lynch products to retail customers, the report states.
Moynihan, who took over from embattled chief Ken Lewis at the start of 2010, has had a difficult first year in the top job. Amid continued headlines related to investigations of the bank's controversial acquisition of Merrill, and, more recently, concerns over foreclosure practices and mortgages the bank acquired from Countrywide in 2008, Bank of America's shares have lagged competitors like
Bank of America's stock closed Tuesday up nearly 3% at $12.98 but it's still off more than 16% in 2010 vs. a gain of 11.5% for Wells Fargo, a decline of 4.1% for JPMorgan, and rise of more than 40% for Citigroup.
Written by Dan Freed in New York
Disclosure: TheStreet's editorial policy prohibits staff editors, reporters and analysts from holding positions in any individual stocks.