Bank of America shakes up top management

Bank of America

Bank of America has embarked on a reshuffling mission of its senior management team, announcing plans to replace its chief financial office and appoint a new chief risk officer.

The announcement was made yesterday and is a statement of intent from new CEO Brian Moynihan as he tries to drive the bank out of the financial crisis.

Boston.com reports that chief financial officer Joe Price will become head of consumer and small business banking; the bank will look outside the company for his replacement. Price will take over the job Moynihan had until he succeeded Kenneth Lewis as CEO on January 1.

Few positions retained

As of February 1 the bank's current chief accounting officer, Neil Cotty, will become interim CFO, but one position that will remain unchanged is Boston-based Anne Finucane's post as global strategy and marketing officer.

Sallie Krawcheck will also retain her position as head of Global Wealth and Investment Management.

Gregory Curl, once considered a potential successor to Lewis, has been told he will not keep his position as chief risk officer, instead being given new responsibilities for the bank's "strategic partnerships". Bruce Thompson will come in to replace Curl as chief risk officer.

Also yesterday, the Securities and Exchange Commission sued Bank of America Corp., accusing it of failing to disclose "staggering financial losses" at Merrill Lynch before shareholders approved combining the companies.

Failing to disclose billions of dollars

Under the lawsuit the bank have been ordered to pay a civil penalty for failing to tell shareholders it was set to lose $15.3 billion in the Q4 2008, but the charges have been described as "totally without merit" by the bank.

The SEC and Bank of America have history after the former previously accused the bank of failing to disclose billions of dollars in bonuses paid at Merrill Lynch after the acquisition was completed.

The SEC and Bank of America were already scheduled to go to trial March 1.

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