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.