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Bank of America replaces CFO in management shake-up

A Bank of America sign is shown on a building in downtown Los Angeles, California January 15, 2014. REUTERS/Mike Blake

(Reuters) - Bank of America Corp said on Wednesday it would replace its chief financial officer and its wealth management chief, a week after the bank reported its biggest quarterly profit in nearly four years.

CFO Bruce Thompson will be replaced by Paul Donofrio from Aug 1. Donofrio is currently the CFO of the consumer bank and wealth management.

The shakeup comes a week after the No. 2 U.S. bank by assets reported its lowest expenses since 2008, suggesting it has finally put to rest problems stemming from the financial crisis.

"The quarterly results we announced last week showed once again how far we have come on our journey over the past few years," Chief Executive Officer Brian Moynihan said in a statement.

BofA has paid at least $70 billion in legal expenses since 2008.

The bank also said David Darnell, the head of wealth management, would retire and be succeeded by Terry Laughlin.

Laughlin will transfer responsibility for stress tests required by the Federal Reserve to newly appointed Chief Administrative Officer Andrea Smith, the bank said.


(Reporting by Lehar Maan and Rama Venkat Raman in Bengaluru; Editing by Rodney Joyce)