Hire Wire Sep 06 2011

Krawcheck and Price Out in BofA Shakeup

By dan fitzpatrick

Bank of America Corp. Chief Executive Brian Moynihan shook up his management team on Tuesday, ousting wealth-management head Sallie Krawcheck and consumer-banking head Joseph Price.

The Charlotte, N.C.-based company installed David Darnell and Thomas Montag as co-chief operating officers.

Darnell will run the businesses that serve consumers, including deposit, card, mortgages, wealth management and small business. Montag will oversee the areas that serve companies and institutional investors such as investment banking and trading.

The moves represent the most dramatic steps yet taken by Moynihan to put his own stamp on the nation's largest bank by assets. Both Price and Krawcheck were installed by Moynihan's predecessor, Kenneth Lewis.

As part of the shakeup, Moynihan also has demoted Barbara Desoer, the former mortgage chief. She will report to Darnell as part of the new lineup.

Dan Fitzpatrick is a reporter for The Wall Street Journal, where this article originally appeared. Write to him here.

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