Bank of America replaces CFO in management shake-up

Bank of America’s chief financial officer and head of wealth management are stepping down, spurring a reorganization among the Charlotte bank’s top executives, CEO Brian Moynihan announced Wednesday.

CFO Bruce Thompson, 51, will be replaced by Paul Donofrio from August 1. Thompson’s exit comes as a surprise, as he was reportedly considered a possible successor for Moynihan.

The changes come a week after second-quarter earnings sent the stock up, as analysts cited evidence the company – the US bank most beset by the financial crisis – has turned a corner, managing to boost revenue while shaving expenses and avoiding major costs from legal claims and probes. Donofrio, who has been with BofA since 1999, was previously in the bank’s consumer banking and investment management divisions.

Bank of America was little changed in extended trading in New York, after the changes were announced.

The bank also said David Darnell, the head of wealth management, would retire and be succeeded by Terry Laughlin.

And as WSJ reported back in June, Bank of America was criticized by the Fed for not being ready for its stress test, leading to the bank hiring consultants address the problem. Mr. Thompson cultivated a reputation as an intelligent banker and hard worker, but he also was a key lieutenant during stress tests with the Federal Reserve that ran into issues. Banks that don’t pass the Fed stress generally can’t proceed with their plans to increase dividends or share buybacks. Thompson has served as CFO of the bank for 5 and a half years.

Bank of America CFO Bruce Thompson is out.

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