Sallie Krawcheck, head of global wealth management at Bank of America, is leaving as part of a management overhaul.

Sallie Krawcheck, president of global wealth and investment
management at
Bank of America, is leaving the world’s biggest
wealth manager as part of a management layer removal by BofA chief executive
Brian Moynihan.

One of the relatively small numbers of high-flying women in
the traditionally male-dominated wealth management industry, Krawcheck had been
in the post since August 2009, having previously been CEO of global wealth
management at Citigroup. In May last year, a report denied she was leaving BofA.

"I am pleased with the work the team has done, in
particular the strong performance of the business," said Krawcheck. BofA's statement did not elaborate on what her future plans might be.

Yesterday, Moynihan announced a reorganization of the
company's management that “aligns the company's operating units with its three
core customer groups: individuals, companies, and institutional investors”. BofA's wealth business has seen a number of changes since Bank of America bought Merrill Lynch in late 2008 amid the financial crisis.

The bank has embarked on cost-cutting measures across various divisions. In August, it was reported that BofA is shedding at least 10,000 positions including 3,500 this quarter, as the US bank deals with cost pressures. Reports did not say at the time whether wealth management was in the firing line. In the second quarter of this year, BofA said that the number of Global Wealth and Investment
Management client-facing associates increased for the eighth
consecutive quarter, with the company adding 546 financial advisors in
the quarter and 942 since the second quarter of 2010. This segment’s s
net income rose 54 percent from the year-ago quarter. 

As part of yesterday's announcement, BofA said David Darnell and Tom Montag were appointed to the
newly-created positions of co-chief operating officers, accountable for all of
the company's operating units. The changes take immediate effect, the US-listed
bank group said.

Darnell is responsible for those businesses serving
individual customers and clients including deposit, card, home mortgage, wealth
management, small business, and related products and services. Reporting to
Montag are businesses that serve companies and institutional investors,
including middle market commercial and large corporate banking, institutional
investor services, such as Bank of America Merrill Lynch Global Research, and
the global markets sales and trading businesses.

"Today is a significant step in the continued
transformation of our company," said Moynihan. "David and Tom are
leaders skilled at driving profitability and growth by focusing their
businesses on all we can do for customers. They are accountable now for
delivering our entire franchise to all our customers and clients."

In addition to Darnell and Montag, continuing to report to
Moynihan are:

Cathy Bessant, global technology and operations executive;

Anne Finucane, global strategy and marketing officer;

Christine Katziff, corporate general auditor;

Terry Laughlin, chief risk officer;

Gary Lynch, global chief of legal, compliance, and regulatory
relations;

Charles Noski, vice chairman;

Andrea Smith, global head of human resources;

Ron Sturzenegger, legacy assets servicing executive;

Bruce Thompson, chief financial officer.