Bank Titan In Turmoil as Revival Is Elusive

A failure to stem nagging problems dating from the financial crisis is roiling the executive suite of the nation's biggest bank.

On Friday, Bank of America Corp. Chief Executive Brian Moynihan abruptly shook up his management team and accelerated a planned exit of Chief Financial Officer Chuck Noski, who spent less than a year on the job. The move came as the bank announced a 36% drop in first-quarter earnings, reinforcing Bank of America's status as a laggard among major U.S. banks.

Mr. Moynihan, who has been on the job for just over a year, also hired a former top Securities and Exchange Commission lawyer, Gary Lynch, who is well regarded on Wall Street, to become the chief of legal, compliance and regulatory relations.

Read Full Article from Wall Street Journal

- Posted: 2011-04-15 19:32:16

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