BofA's top paid banker to be sole COO

Bank Of America Corner Signs

Bank of America's Thomas K. Montag, the bank’s top-paid senior manager, will become sole chief operating officer as co-COO David Darnell takes a new title so he can move to Florida.

Bloomberg News reports Darnell, 61, will be vice chairman and continue overseeing global wealth and investment management, as well as business banking, CEO Brian Moynihan wrote in a memo to employees.

Montag, who has split the COO job with Darnell since 2011, will still run the investment banking and capital markets businesses.

'David approached me to discuss how he could continue to provide strategic leadership for our company, while allowing him the opportunity to relocate to Tampa with his family,' Moynihan, 54, wrote in the memo, according to a copy obtained yesterday by Bloomberg News. In the new role, Darnell will 'work across the company to execute our customer strategy, drawing on his knowledge of our businesses, markets and client relationships.'

Hit the link below to access the complete Bloomberg News article:

BofA’s Montag Becomes Sole COO as Darnell Seeks Transfer

U.K. Inflation Slows More Than Forecast, Supporting BOE Stance

Bank Workers CharityBank Workers Charity - Supporting bank workers

Register for Financial Markets News Alerts