BofA moves consumer banking execs
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