Bank of America was little changed in extended trading in New York, after the changes were announced.
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Bank of America’s second-in-command is out of a job following a management shake-up. Thompson’s exit comes as a surprise, as he was reportedly considered a possible successor for Moynihan.
“I am confident in saying that no finance executive in the world in the past decade has contended with greater challenges and discharged his responsibilities with as much skill and grit as Bruce Thompson”, Mr. Moynihan wrote.
CFO Bruce Thompson, 51, will be replaced by Paul Donofrio from August 1. Thompson will stay with Bank of America through the end of this year.
Darnell will be replaced by Terry Laughlin, who will continue to head up the bank’s efforts to resubmit its capital plan by September 30.
And as WSJ reported back in June, Bank of America was criticized by the Fed for not being ready for its stress test, leading to the bank hiring consultants address the problem. Smith will handle those duties in a new role as chief administrative officer. Mr. Moynihan hand-picked him for the role of chief risk officer and then CFO. The shares climbed 3.1 percent this year through the close of regular trading Wednesday, trailing the 8.3 percent advance for the 24-company KBW Bank Index.
The executive shuffle at the No. 2 USA bank by assets will also change up the executives handling the capital plan that the bank submits annually to the Federal Reserve.
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Last week, Bank of America reported second quarter earnings that beat expectations, citing strong core loan growth and higher mortgage originations.
