Bank of America CFO Bruce Thomspon, 41, is being removed from his post. The company announced on Wednesday that it would be replacing its chief financial officer and several other executives as part of a company-wide management shakeup. News of the move arrives just months after BofA barely scraped by during a U.S. Federal Reserve stress test.
Thompson has served as chief risk officer of the bank for more than five years, he will be replaced by Paul Donofrio from Aug. 1.
Donofrio is currently CFO of the consumer banking and wealth management businesses and has been with the company since 1999.
Also on the way out is David Darnell, who will retire from his post as head of wealth management. He will be succeeded by Terry Laughlin, currently president of strategic initiatives.
BofA Chief Executive Brian Moynihan wrote in an internal memo:
“When I became CEO, I asked Bruce to step away from 15 years leading client businesses and help rebuild our company.”
For years, Bruce Thompson helped Bank of America pass its Federal Reserve stress tests. However, BofA failed to win unconditional approval from the U.S. Federal Reserve in March. The agency told officials to gain better control over internal controls and data models.
BofA reported its biggest quarterly profit in nearly four years just several weeks ago as expenses fell to their lowest since the financial crisis.
The bank named Anne Finucane vice chairman. Finucane will continue as the bank’s global chief strategy and marketing officer.