Brian Moynihan, Chief Executive Officer of Bank of America (NYSE: BAC) is shaking up his executive ranks. Moynihan has expressed a goal to organize the company around his goal of more cross-selling to customers who interact with the retail, corporate and wealth-management parts of the bank, and recent actions point to reinforcing that.
Last week, the Charlotte based bank told employees about changes to several divisions, including to its consumer unit, according to people familiar with the situation. The shakeup resulted in the departure of Mark Hogan, who was in charge of East Coast retail operations and had been with the company for more than 24 years. Hogan decided to leave once the bank elevated Katy Knox to a position in charge of all 5,900 branches and 18,000 ATMs. Knox, formerly an executive in global commercial banking, will report to Joseph Price, president of consumer and small business banking. Knox, like Moynihan, came to Bank of America as part of a 2004 purchase of FleetBoston Financial Corp. Moynihan has elevated several former Fleet executives to positions of authority, include the new head of strategy Mike Lyons; mortgage executive Terry Laughlin and Lauren Mogensen, now deputy general counsel and corporate secretary. The bank, as part of the moves announced internally on Friday, also shifted Dean Athanasia from the wealth management to the consumer unit. Athanasia is in charge of the bank’s efforts to sell Merrill Lynch financial products to so-called “mass affluent” clients. Bank of America has been trying to find ways to sell more Merrill products through its retail banking operations.
