Management Make Over - Research Report on Bank of America

Aug 10, 2015, 09:15 ET from www.aciassociation.com

NEW YORK, August 10, 2015 /PRNewswire/ --

ACI Association has initiated research coverage on Bank of America Corporation (NYSE: BAC). Select highlights from the internally released reports are being made available to the general public (included below), with access to the entirety of the research available to new members.

Today, membership is open to readers on a complementary basis at the following URL: http://www.aciassociation.com/?c=BAC

Highlights from our BAC Report include:

  • CFO Steps Down - On July 22, 2015, Bank of America Corporation announced that Bruce Thompson, Chief Risk Officer and Chief Financial Officer of the Company has decided to step down from the position after five and a half years of service. CEO of Bank of America said that Bruce as the CFO has put the Company on a strong, stable financial foundation, with record levels of capital and liquidity.
  • Replacing the CFO - Paul Donofrio, who has been with Bank of America since 1999 and has 25 years of global corporate and investment banking experience, will become the new CFO of Bank of America. Donofrio, before being named strategic finance executive for BofA, serving as CFO of Consumer Banking and Global Wealth and Investment Management (GWIM), was co-head of Global Corporate and Investment Banking, co-head of Global Investment Banking, and head of Global Corporate Banking. BofA has informed that Thompson will assist Donofrio and remain on the management team until the end of 2015.
  • A New Chief Administrative Officer -Andrea Smith, Global Human Resources Executive of the Company will assume a newly created position of Chief Administrative Officer (CAO). The Company mentioned that Smith, who joined Bank of America in 1988 , will be responsible as CAO for Global Corporate Strategy; the Company's market president and enterprise business and community engagement organization; Legacy Assets and Servicing; Global Corporate Services; and Corporate Security, Executive Protection and Aviation. She will also partner with Terry Laughlin and begin a transition of responsibility for the Company's annual Comprehensive Capital and Review (CCAR) submission and Global Resolution and Recovery Planning (GRRP).
  • Appointment of Vice Chairman - As per the release, David Darnell, Vice Chairman of Bank of America has decided to retire by the fourth quarter of 2015, after more than 35 years with the Company. Darnell is currently overseeing GWIM. Upon his retirement, Terry Laughlin will assume responsibilities as leader of GWIM and be appointed Vice Chairman after the Company's 2015 CCAR submission work is completed. Furthermore, Anne Finucane has been appointed as Vice Chairman and will continue as the Company's global chief strategy and marketing officer.
  • Views of the CEO- Commenting on the various changes in the senior management team, Brian Moynihan, the CEO said, "The changes we are announcing reflect decisions two senior leaders have made about their own futures, and some other changes that will bolster, and in some cases, reposition members of the management team."

To find out how this influences our rating on Bank of America Corporation read the full report in its entirety here: http://www.aciassociation.com/?c=BAC

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