NEW YORK — Embattled Bank of America shook up its management ranks Tuesday, announcing that two key officers will leave and promoting two others to share the chief operating officer role.
It’s the latest effort by Brian Moynihan, CEO since early 2010, to turn around a company that once was an industry stalwart but is 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.
David Darnell, a longtime Bank of America veteran who was elevated to the top ranks by 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, in early 2009.
