Bank of America CEO Ken Lewis has made a number of changes to the executive team at the Charlotte-based bank in a move that, he says, will better position the bank for the future.
Liam McGee, who has headed Consumer and Small Business Banking, has decided to leave the company after nearly 20 years.
Brian Moynihan, currently head of Global Corporate and Investment Banking and of Global Wealth Management, will become head of Consumer Banking, which will include the company's deposit, small business and card businesses as well as the retail delivery network. Ric Struthers will continue to run the card business and to be a member of the Executive Management Team, reporting to Moynihan.
Tom Montag, who currently runs Global Markets for the company, will also run Global Corporate and Investment Banking.
Sallie Krawcheck will join Bank of America and run Global Wealth and Investment Management. She will also be a member of the Executive Management Team. Krawcheck was previously CEO of Global Wealth Management at Citigroup, which included Smith Barney, the Citi Private Bank and the Citi equity research division. She has also served as chief financial officer of Citigroup.
David Darnell, who runs Global Commercial Banking, will now report directly to Lewis and join the Executive Management Team.
"These changes are designed to drive enhanced performance and to ensure that our strategies and franchise are positioned for maximum success in the coming years," Lewis said in a release. "We have all the pieces of the puzzle in place to be the leading financial services firm in the world. Our mission is to take advantage of our position to create value for all our constituencies from shareholders to clients."