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Rachel Gallo

Bank of America CFO Out as Part of Management Shake-up

by Rachel Gallo | Dun & Bradstreet Editor

July 24, 2015 | Comments Off on Bank of America CFO Out as Part of Management Shake-up

One of the largest US banks, Bank of America announced the resignation of its CFO, Bruce Thompson. Longtime Bank of America investment banker Paul Donofrio will step in as CFO on August 1. Thompson, who’s been CFO for more than five years and was widely viewed as a possible successor to CEO Brian Moynihan, is leaving in the wake of significant regulatory violations by the bank over the past two years. Among the violations was the bank’s discovery of calculation errors that resulted in a $4 billion overstatement of capital. Despite its violations, Bank of America reported improved earnings in Q2 2015. Other management changes include the departure of David Darnell, vice chairman of global wealth and investment management. Terry Laughlin will replace Darnell in Q4. The bank’s global chief strategy and marketing officer, Anne Finucane, will take on the additional role of vice chairman.