Bank Of America (NYSE: BAC) To Merge Card Services Business With Deposits Unit

Bank of America (NYSE: BAC) announced Tuesday that it will merge its Global Card Services Business with its Deposits unit to report under one executive.  The units are two of the bank’s largest consumer businesses. 

The announcement is just another step in the management shake-up that has ensued at the bank since CEO Brian Moynihan took the reigns back in January.

The combined unit will report to Joe Price, president of Bank of America Consumer, Small Business and Card Banking, and be head by Susan Faulkner.  Faulkner’s title will be Deposits and Card Product Executive, holding offices in Charlotte and Wilmington, Del., where the bank’s card business is based.

“This structure continues the evolution of our Consumer businesses toward a more nimble, responsive customer-focused organization,” said Price. “This enhancement strengthens our operating model and organizes it around our customer segments, how we deliver our capabilities to customers, the service we provide them, and the products we develop for them.”

The head of Global Card Services, Ric Struthers, decided to leave the company, but plans to stay on and help with the merger of the two businesses.  Struthers has been with Bank of America since 2005 after the bank purchased MBNA Corp., which he was a founder of.

“Because of leaders like Ric Struthers, Delaware has been an incredibly good place to do business that has served Bank of America and our legacy company very well,” said Brian Moynihan, Bank of America president and chief executive officer.

Faulkner, 47, has been with Bank of America for 25 years, heading the Deposits and Payments unit since 2007.  She is a board member of the Consumer Banker Association and holds a masters degree in business administration from the University of Georgia.