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
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

Mesirow acquires part of flexPATH in second retirement deal of 2026
Mesirow acquires part of flexPATH in second retirement deal of 2026

Chicago-based Mesirow Fiduciary Solutions adds flexPATH's plan-level outsourced fiduciary book, boosting its retirement market reach to $164 billion.

Advisor moves: LPL lands $350M veteran advisor duo in Florida
Advisor moves: LPL lands $350M veteran advisor duo in Florida

Also, Raymond James's employee advisor channel adds breakaways from Wells Fargo and Stifel, while UBS welcomes an ex-Morgan Stanley duo in Indiana.

SEC accuses crypto firm founder of running $425 million Ponzi scheme
SEC accuses crypto firm founder of running $425 million Ponzi scheme

It promised guaranteed principal and 10% monthly returns. The SEC says it invested nothing.

MassMutual Ascend tops $2 billion in RIA annuity sales as advisors warm to income products
MassMutual Ascend tops $2 billion in RIA annuity sales as advisors warm to income products

Ten years after entering the fee-based annuity market, MassMutual Ascend says nearly half its lifetime sales came in the past two years alone – but barriers remain among fee-only advisors.

Fintech bytes: Wealth tech firms target advisor productivity with new integrations
Fintech bytes: Wealth tech firms target advisor productivity with new integrations

Amplify, WealthReach, Zeplyn and Zocks have unveiled partnerships aimed at automating portfolio management, content creation, account opening, and client communication.

SPONSORED Direct indexing webinar targets tax-loss harvesting amid market swings

Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains

SPONSORED Who builds the income when the pension disappears?

Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income