Bank of America (NYSE: BAC) continues to reshuffle the management team. With the additions of the former Countrywide and Merrill Lynch brands in recent years, some have wondered if the firm’s retail banking network would be neglected as a result. That has not happened – keeping the CEO role in house by promoting Brian Moynihan has kept a focus on the bread and butter business, and the bank’s actions in regards to promotions seem to indicate that will remain the focus.
BofA has promoted Walter Elcock to oversee all of Bank of America’s branches from coast to coast. Elcock, previously responsible for the bank’s western division, is based in San Francisco, a BofA spokeswoman said.The Charlotte-based bank has more than 5,900 branches and 18,000 ATMs.
Katy Knox, to whom Elcock reports, was recently promoted to oversee all of BofA’s branches, ATMs, call centers and online banking. Knox is a 2010 Charlotte Business Journal Women in Business award winner. She most recently led commercial banking efforts in the Southeast and Mid-Atlantic regions. Like CEO Brian Moynihan, Knox joined BofA when it purchased FleetBoston Corp. in 2004. Knox reports to Joe Price, head of consumer and small-business banking. BofA (NYSE: BAC) veteran Mark Hogan has left the bank. He was most recently responsible for overseeing retail banking on the East Coast.
Dean Athanasia moved from his post in wealth management to retail banking to help boost cross-selling to affluent customers. Bankers are eager to boost profit by selling more products and services to existing customers, a practice pioneered at Wells Fargo (NYSE: WFC) and its predecessor banks years ago. Elcock told the San Francisco Business Times in October that he’s eager to use the bank’s branches to better connect with local communities.
As 2010 comes to a close, 2011 should bring a wealth of new opportunities. In order for the megabank to capitalize on these opportunities, they will need to create a flat organization, and deviate from the silo brands that tend to develop post acquisition. The steps taken in recent months show strong promise, but only time will tell, and all eyes will be on the income statement.
