Bank of America announces reshuffle

Embattled Bank of America has shaken up its management ranks, announcing that two key officers will leave and promoting two others to share the chief operating officer role.

It is the latest effort by Brian Moynihan, the chief executive since early 2010, to turn around a company that was once an industry stalwart but is still struggling under the weight of toxic mortgage loans.

He took over the bank after predecessor Ken Lewis stepped down amid controversy over his purchase of Merrill Lynch.

Among the changes announced are:

* Sallie Krawcheck, head of global wealth and investment management, is leaving. A Citigroup veteran, she was hired in late 2009 toward the end of Mr Lewis' tenure.

* Joe Price, president of the consumer bank, will also leave. He was the chief financial officer under Mr Lewis. Mr Moynihan moved him to run the retail bank, Mr Moynihan's old job, in 2010, and Mr Moynihan at the time said the change represented his confidence in Mr Price.

* David Darnell, a long-time Bank of America veteran who was elevated to the top ranks by Mr Lewis, will become co-chief operating officer. He will share the newly created position with Tom Montag, who joined Bank of America when it bought his employer, Merrill Lynch, at the start of 2009.

Mr Darnell, previously the president of commercial banking, will be responsible for consumer-targeted units including mortgages, wealth management and small business.

Mr Montag, previously the president of global banking and markets, will be responsible for the business units that serve companies and institutional investors, including commercial banking, the trading businesses, and Bank of America Merrill Lynch Global Research.

The changes mark one of Mr Moynihan's most dramatic moves to reshape the bank.