BofA moves con­sumer bank­ing ex­ecs

The Pak Banker - - Company & Boss News -

NEW YORK: Bank of Amer­ica Corp. is re­shap­ing its con­sumer bank­ing lead­er­ship as it works to cross-sell more wealth man­age­ment prod­ucts to af­flu­ent cus­tomers.

In the shake-up, four ex­ec­u­tives will now re­port to Joe Price, head of con­sumer and small busi­ness bank­ing. That's down from five af­ter Mark Ho­gan, head of East Coast re­tail bank­ing, de­cided to leave the com­pany. In the new lineup, Katy Knox will be in charge of dis­tri­bu­tion, which in­cludes 5,900 bank branches, 18,000 ATMs, call cen­ters and on­line bank­ing. She is the lat­est for­mer FleetBos­ton Fi­nan­cial ex­ec­u­tive to be el­e­vated un­der chief ex­ec­u­tive Brian Moyni­han, who joined Bank of Amer­ica as part of the 2004 Fleet ac­qui­si­tion.

Dean Athana­sia, who will lead the "mass-af­flu­ent" cus­tomer seg­ment, which cov­ers wealth­ier bank­ing cus­tomers. He was pre­vi­ously in the bank's wealth man­age­ment di­vi­sion.

Lau­rie Read­head, who will lead the "mass-mar­ket seg­ment." She had led on­line bank­ing and other ef­forts. Wal­ter El­cock, who led the western di­vi­sion, will now be in charge of all bank branches, re­port­ing to Knox.

The moves come as the bank works to adapt to new fi­nan­cial re­form mea­sures and im­prove cus­tomer ser­vice. Bank of Amer­ica plans to charge more up­front ac­count fees, while cut­ting back on puni­tive over­draft charges. In a re­cent na­tional cus­tomer sat­is­fac­tion study, the bank ranked No. 3 among four big banks. Moyni­han also wants to reap more rev­enue by sell­ing Mer­rill Lynch wealth man­age­ment prod­ucts to bank­ing cus­tomers, while also steer­ing wealth­ier clients to the bro­ker­age unit. So­phie Sch­mitt, se­nior an­a­lyst with the Aite Group con­sult­ing firm, said the bank's shift is "in line with what other banks are do­ing to strengthen in­vest­ment cross-sell­ing through the branches." - PB News

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