Updated from Tuesday, Sept. 6NEW YORK ( TheStreet) -- Bank of America ( BAC) Tuesday named David Darnell and Tom Montag to newly created co-chief operating officer positions as part of a management shakeup that includes the departure of two high-profile executives, Joe Price and Sallie Krawcheck. The changes are effective immediately. Darnell is responsible for businesses that impact individual customers, while Montag will handle operations serving companies and institutional investors. "Today is a significant step in the continued transformation of our company," said Brian Moynihan, Bank of America's chief executive officer, in a statement. "David and Tom are leaders skilled at driving profitability and growth by focusing their businesses on all we can do for customers. They are accountable now for delivering our entire franchise to all our customers and clients."