Bank of America shares fell 1.46 per cent yesterday after chief executive Brian Moynihan named the fourth chief financial officer of his tenure since he took charge in 2010.
Bruce Thompson stepped down on Wednesday after five and a half years as chief risk officer and chief financial officer. He will be replaced by the bank’s strategic finance executive, Paul Donofrio, who takes up the position on 1 August.
The bank also announced that vice chairman David Darnell would be retiring at end of the year and that global human resources executive Andrea Smith had been appointed chief administrative offer.
The management team shake-up comes just months after it was criticised by the Federal Reserve over its mishandling of its stress test submissions.
Bank of America was given a conditional pass on its stress test from the Fed in March and told to present an improved plan in September after addressing “certain weaknesses in its capital planning processes”.
If the bank fails to meet the requested standard, the Fed could block the bank’s financial capital distribution plan.