Bank of America Shakes Up Top Execs - TheStreet



) -- Brian Moynihan reshuffled

Bank of America's

(BAC) - Get Report

management deck on Tuesday, less than two weeks after taking the helm as CEO.

As was widely anticipated, Chief Risk Officer Greg Curl will be replaced, stepping into a vague position that would "focus on key strategic partnerships critical to Bank of America's global capabilities." Curl and Moynihan had vied for the top spot in the months between former CEO Ken Lewis' retirement announcement on Sept. 30 and his stepping down on Dec. 31.

"Greg is a principal architect of one of the world's premier financial services franchises," Moynihan said in a statement. "As chief risk officer, he has positioned Bank of America for strength, stability, and soundness as we continue to work through the economic challenges ahead. I have benefited from his counsel and judgment."

Curl will be replaced by Bruce Thompson, who had been a managing director in global capital markets, working under Tom Montag, who will retain his role as president of that division.


Wall Street Journal

had reported the anticipated move on Monday evening, citing anonymous sources.

Among other major changes were CFO Joe Price's transfer to Moynihan's former job as president of consumer, small business and card banking. Price will continue to serve as CFO until Feb. 1, while the bank looks for an external replacement. Chief Accounting Offier Neil Cotty will serve as interim CFO if a replacement is not found within that timeframe.

Cathy Bessant will become global technology and operations executive, moving from her current role as president of global product solutions.

Among others who report to Moynihan, but will keep their current titles, are Montag; Chief Administrative Officer Steele Alphin; Sallie Krawcheck, president of global wealth and investment management; Barbara Desoer, president of home loans and insurance; David Darnell, president of global commercial banking; General Counsel Ed O'Keefe; and Anne Finucane, global strategy and marketing officer.

"The leadership, judgment, diverse backgrounds, and experience of this team are just what we need to execute on the best business model in our industry,"Moynihan said.

Bank of America shares closed down 3.4% at $16.36.

-- Written by Lauren Tara LaCapra in New York