Krawcheck bounced at BofA

In a surprise move, Bank of America announced that wealth management head Sallie Krawcheck has been ousted and replaced by David Darnell.
APR 18, 2012
By  John Goff
Bank of America Corp. (BAC) promoted Tom Montag and David Darnell to co-chief operating officers and announced the departures of wealth management division head Sallie Krawcheck and consumer banking leader Joseph Price. The shakeup by Chief Executive Officer Brian T. Moynihan, 51, leaves Montag running investment banking and operations that serve companies and institutional investors, the Charlotte, North Carolina-based company said in a statement today. Darnell will run units serving individual customers, including deposits, mortgages, wealth management, credit cards and small businesses. Moynihan is cutting layers of management at the largest U.S. bank by assets as he grapples with increasing costs from the 2008 acquisition of subprime lender Countrywide Financial Corp. and a stock plunge of almost 50 percent this year. The firm is in the midst of an expense-reduction initiative called Project New BAC that may slash tens of thousands of jobs. “Simplifying at the scale in which we operate requires difficult decisions,” Moynihan said of Krawcheck's and Price's departures. “We wish them well and look forward to their continued leadership and business successes in the future.” --Bloomberg News--

Latest News

The 2025 InvestmentNews Awards Excellence Awardees revealed
The 2025 InvestmentNews Awards Excellence Awardees revealed

From outstanding individuals to innovative organizations, find out who made the final shortlist for top honors at the IN awards, now in its second year.

Top RIA Cresset warns of 'inevitable' recession amid tariff uncertainty
Top RIA Cresset warns of 'inevitable' recession amid tariff uncertainty

Cresset's Susie Cranston is expecting an economic recession, but says her $65 billion RIA sees "great opportunity" to keep investing in a down market.

Edward Jones joins the crowd to sell more alternative investments
Edward Jones joins the crowd to sell more alternative investments

“There’s a big pull to alternative investments right now because of volatility of the stock market,” Kevin Gannon, CEO of Robert A. Stanger & Co., said.

Record RIA M&A activity marks strong start to 2025
Record RIA M&A activity marks strong start to 2025

Sellers shift focus: It's not about succession anymore.

IB+ Data Hub offers strategic edge for U.S. wealth advisors and RIAs advising business clients
IB+ Data Hub offers strategic edge for U.S. wealth advisors and RIAs advising business clients

Platform being adopted by independent-minded advisors who see insurance as a core pillar of their business.

SPONSORED Compliance in real time: Technology's expanding role in RIA oversight

RIAs face rising regulatory pressure in 2025. Forward-looking firms are responding with embedded technology, not more paperwork.

SPONSORED Advisory firms confront crossroads amid historic wealth transfer

As inheritances are set to reshape client portfolios and next-gen heirs demand digital-first experiences, firms are retooling their wealth tech stacks and succession models in real time.